Orange County Business Journal

Apartment Rents Still Hot, Sales Cool

REAL ESTATE: Trend has recent buyers building Mark Mueller Saturday, March 17, 2012
Seacrest Apartment Homes: Western National Group paid $95 million for 368-unit complex in San Clemente, highest price for single complex last year

Seacrest Apartment Homes: Western National Group paid $95 million for 368-unit complex in San Clemente, highest price for single complex last year

The property, which totals about 269,000 square feet, is being listed for sale at $75.5 million, or about $273,000 per apartment, according to CoStar Group Inc. data.

An affiliate of Long Beach-based NNC Apartment Ventures LLC owns and manages the Huntington Beach complex, which previously operated under the Seawind Villages name.

NNC Apartment Ventures also was involved in the $25.5 million sale of Valencia Gardens, a 165-unit apartment complex in Tustin that was reported to have sold last October. It was OC’s 8th-largest apartment sale last year.

An affiliate of NNC Apartment sold the complex to Valencia Gardens Apartments Owner LLC, which has ties to Tarzana-based JB Partners Group Inc., an apartment investor that owns about 50 properties in California.

Tustin Cottages

Also currently on the market is Tustin Cottages, a 93-unit apartment property just off Red Hill Avenue and the Santa Ana (5) Freeway.

The recently built property, which was originally designed as a for-sale project, is expected to fetch about $40 million. Brokers with the Irvine office of Jones Lang LaSalle have the listing for the complex, which was built by a unit of Arcadia-based Nevis Homes.

Tustin Cottages is the first new apartment complex to open in Tustin in almost 15 years.

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