ORANGE COUNTY, CA-Jones Lang LaSalle's Orange County Multifamily team has completed the sale of The Met at South Coast, located in the heart of Orange County. The Met at South Coast is a 3.1-acre multifamily development site of which 2.3 acres have been entitled for 271 apartment units at a density of 117 units per acre. It was sold for $17,250,000 by David Wald as the State Court Receiver for the property, with managing director Joe Leon and VP Javier Rivera leading the Jones Lang LaSalle marketing team on this pursuit. David Pasternak of Pasternak, Pasternak & Patton represented the receiver in concluding this sale.

“The sale of The Met was one of the most interesting transactions of 2013, as this was a court-ordered receivership sale with a number of stakeholders interested in the outcome of the sale, including various ownership entities and the City of Santa Ana. This complex sale process was managed by receiver David Wald and Christina Rice at Wald Realty Advisors, Inc. and marketed by Jones Lang LaSalle as broker for the Receivership Estate. The market appreciated the professional marketing process as representative of a viable sale opportunity, and in the end, a competitive marketing process, driven by the Jones LaSalle marketing team, sourced a buyer that exceeded market expectations.” Rivera said.

"With Orange County's occupancy at 96 to 97%, the multifamily market continues to be under supplied in terms of new multifamily product. The Met site is an entitled development site that should be hitting the next multifamily cycle with perfect time," Leon said.