Orange County Apartment Sales Rise 15.6% as Per-Unit Values Fall

Multifamily sales in Orange County, California, reached $656 million through the first eight months of 2026, a 15.6 percent gain over the same period last year, according to a Yardi Matrix report released Tuesday. The average price per unit, however, fell 14.8 percent from the end of 2025 to $376,551, a steeper drop than the national decline. Yardi ties the lower figure to the quality of assets traded, with few high-end properties changing hands. Nearly half the county's volume came from a two-property portfolio deal. The largest single sale was Eagle Real Estate Group's $133 million purchase of a 402-unit community in Garden Grove, which includes 82 affordable units. Fundamentals remain strong. Occupancy was 96.4 percent in July, and average asking rents reached $2,897 per month in August, up 1.4 percent year over year. Rents rose in 22 of the county's 26 submarkets. Builders started 3,077 apartments through August, up 31.2 percent, with about 60 percent of the pipeline concentrated in Irvine. The Irvine Company's 1,858-unit Discovery Park project, including 244 affordable units, is the largest under way. For developers and lenders, volume is rising while pricing per unit softens, and Irvine remains the center of new supply.