IRVINE, CA – July 7, 2025—Stream Realty Partners, a national commercial real estate firm offering an integrated platform of services, announces that The Pickwick Apartments, a legacy multifamily asset located at 415 E. 2nd St. in the heart of Old Towne Tustin, is available for purchase. This marks the first time the property has ever been offered for sale.
Situated just one block from Tustin City Hall and the Police Department, The Pickwick Apartments offers 27 large units in a highly walkable, supply-constrained neighborhood known for its civic charm and long-term renter appeal. The property features predominantly two-bedroom units averaging 993 square feet, each with a private garage, and includes a swimming pool, central courtyard, and on-site laundry.
“With median home prices in Tustin exceeding $1.2 million and the cost of ownership roughly 59% higher than renting, this submarket continues to attract financially stable renters,” said Pat Swanson, Managing Director at Stream. “The Pickwick offers a rare opportunity for investors to acquire a pride-of-ownership asset with strong in-place cash flow, significant income upside, and long-term appreciation potential.”
The offering includes value-add opportunities such as implementing RUBS, renovating units to market standards, and converting the existing recreation room into an additional income-producing unit without compromising existing amenities or parking.
With a median household income of over $107,000 and virtually no new rental housing being built in central Tustin, the property is positioned to benefit from ongoing population and wage growth, further reinforcing its long-term investment potential.
Pat Swanson, along with Stream Senior Associates Liam Skelly and Michael Bouras, is handling the sale of the property on behalf of ownership, one of Orange County’s original pioneer families, who have stewarded the property for generations.
“This assignment exemplifies exactly why we brought Pat and his team to Stream and why we’ve made a strategic investment in growing our multifamily platform,” said Marty Pupil, Executive Managing Director & Partner. “Multifamily remains one of the healthiest and most resilient sectors in commercial real estate, and opportunities like The Pickwick Apartments demonstrate the kind of high-quality, value-add deals we’re committed to pursuing in Southern California and beyond.”
For more information, contact the Stream Swanson Apartment Team at 213.864.2862.
About Stream Realty Partners
Stream Realty Partners is a national commercial real estate firm offering an integrated platform of leasing, investment and development services. This includes tenant and landlord representation, Legendary CX property management, capital markets, investment management and sales, construction, construction management, national program management, workplace strategies, strategic marketing, and dedicated research. The company is headquartered in Dallas with operations in core markets coast to coast. Since 1996, Stream has grown to more than 1,550 professionals and now completes annual transactions valued at more than $8.9 billion in office, industrial, retail, healthcare, land, and data center properties. For information, visit www.streamrealty.com and follow Stream on LinkedIn, Instagram, X and Facebook.
