SANTA ANA, Calif., Dec. 10 /PRNewswire/ — Hendricks & Partners is pleased to announce the sale of the 406-unit Villas at Tustin Apartments, located on the west side of North Tustin Avenue (daily drive-by traffic count of 30,000 cars per day) in Central Orange County. Built in 1971, this property is just minutes from the 806-acre Platinum Triangle redevelopment area which is entitled for 7.0 million square feet of office and retail and is expected to bring 26,000 new jobs to the submarket.
This transaction closed on November 7th, 2007 for $74,300,000 and was sold by Acacia Capital Corporation of San Mateo to Waterton Associates of Chicago.
“While the seller continued the renovation of interiors during their ownership, the buyer, Waterton Associates, envisioned the benefit of further interior renovation and exterior upgrades, given the recent success of other nearby projects like Creekside Village,” says Joe Leon, Hendricks & Partners' team leader on this assignment. Leon went on to say that, “Washer and dryer appliances, alone, could add as much as $75 per unit per month in new Net Operating Income and the buyer plans to incorporate this amenity into their finished product over the next couple of years.”
David Casper, of the Hendricks & Partners West Los Angeles Office, offered, “Orange County assets of this size rarely come into the market. The $183,004 cost per unit leaves a lot of room for value creation over the next few years. We believe that the property's extensive marketing window and adjacency to Tustin, combined with its location within the Orange City School District, and a unit mix heavy with two-bedroom flats and townhomes, will continue to make the community a strong rental option to middle-income residents.”
Both the Buyer and Seller were represented by Joe Leon of the Newport Beach office, David Casper of the West Los Angeles office, and Bruce Furniss of the North Orange County office of Hendricks & Partners.
About Hendricks & Partners
Hendricks & Partners, headquartered in Phoenix, Arizona, is the nation's largest sales and research firm focused exclusively on the multifamily industry.
SOURCE Hendricks & Partners
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