Bridge Investment Group and partner Ethos Real Estate have completed the acquisition of Horizon Apartment Homes in Santa Ana for $129.2 million, according to public documents. This deal makes it one of the largest multifamily transactions in Orange County this year. The 406-unit property, located at 2414 N. Tustin Ave., was purchased for $318,227 per unit, reflecting the ongoing demand for quality multifamily assets in Southern California.
Horizon Apartment Homes, a 12.7-acre complex built in 1972 and renovated in 2018, offers a mix of studio, one-bedroom, two-bedroom, and townhome-style units. It is located near the intersection of the Costa Mesa (55) and Garden Grove (22) freeways, providing easy access to major transportation corridors in the region. With its prime location, it ranks as the 9th-largest complex in Santa Ana by unit count.
As part of the deal, Bridge Investment Group has announced a commitment to preserving hundreds of units as affordable housing for the Santa Ana community. The company has partnered with Ethos Real Estate to ensure these units remain affordable, aligning with Bridge’s broader strategy of acquiring residential properties while also focusing on renewable energy, industrial leasing, and opportunity zone investments.
“In a time of limited public resources, we are proud to be working with Bridge Investment Group to preserve affordable housing,” said Jennifer Keith, Ethos Co-Founder and Managing Partner, in a statement. “This investment helps reduce displacement and keeps existing communities intact while also providing needed upgrades to our aging housing stock.”
Rachel Diller, Chief Investment Officer for Bridge’s Workforce & Affordable Housing strategy, said in a statement, “Bridge is excited to work in partnership with Ethos Real Estate to help keep local residents in their homes. Our Workforce & Affordable Housing strategy seeks to be a catalyst for positive change, and we are proud to continue this work with Ethos,” she said.
The sale follows a series of significant multifamily deals in Orange County in recent years, though overall sales volume has slowed notably in 2024. The transaction stands out as the largest individual apartment sale in the county this year, excluding multi-property portfolio deals. While the overall market volume dropped 90 percent between Q2 and Q3 of 2024, the Horizon sale exceeded the entire sales volume of the third quarter, which totaled just $58.5 million, according to figures from commercial brokerage firm CBRE.
The seller, the Bascom Group, purchased the complex in 2017 for $94 million.
Bridge Investment Group is a prominent alternative investment manager with $48.9 billion in assets under management as of June 30, 2024. The firm specializes in real estate, credit, renewable energy, and secondary strategies and leverages a nationwide platform with dedicated investment teams.
Ethos Real Estate is a key partner in addressing the housing shortage. It uses innovative investment structures to produce housing at all income levels. With expertise in real estate investment banking, private equity, and public-sector partnerships, Ethos works to create positive change in housing systems and communities.
