Patrick Cadigan has added a 184-unit complex in Buena Park to his portfolio, which now includes nearly 1,800 units in Orange County.
The Corona del Mar resident this month completed the purchase of Brookstone Apartments, a 145,800-square-foot complex at Artesia Boulevard and Western Avenue.
The two-story, multibuilding property—located about two blocks from the Santa Ana (I-5) Freeway, near a CarMax dealership—sold for nearly $38 million, or about $206,500 per apartment.
Dallas-based L&B Realty Advisors LLP sold the property to Brookstone. The apartment complex was the seller’s only property in Orange County, according to the company’s website.
Brookstone was built in 1977 and sits on a little more than 7 acres. Records show the property being more than 95% leased, with monthly rents for one-bedroom units starting at about $1,250 and two-bedroom units listed at about $1,700.
The property got heavy interest from a variety of private investors, pension funds and other investors, according to Shane Shafer, a broker with the Newport Beach office of Hendricks-Berkadia, who marketed the property along with colleagues Dean Zander and Vince Norris.
The deal adds to a string of pricey local apartment purchases for Cadigan, the former chief executive of Electronic Engineering Company of California, one of OC’s first electronics manufacturers.
His last major local investment was in 2011, when he paid nearly $74 million for a trio of complexes in Anaheim and Tustin.
He now owns close to a dozen apartment complexes in OC, totaling nearly 1,800 rental units, according to Jim McKenzie, co-partner of Tustin-based brokerage Greenwood & McKenzie, which represents Cadigan in his real estate investments.
Cadigan is one of the area’s largest private real estate investors and deals exclusively in apartments, according to McKenzie, who worked on the purchase with co-partner Carl Greenwood.
“His investments are all buy and hold,” McKenzie said.
The Brookstone purchase is the first reported real estate deal involving Cadigan since he announced gifts totaling $27 million to Boston College and Boston College High School, two of his alma maters in May 2012.
His $15 million pledge to Boston College resulted in a new alumni and office facility at the college being renamed the Cadigan Alumni Center.
After his $12 million gift to Boston College High School, the school’s new center for fine and performing arts and recreation was renamed Cadigan Hall.
The donation was described as the largest gift in the school’s history and the largest ever received by a Catholic secondary school in New England.
“Pat Cadigan moved out west as a young man but never forgot his Boston roots,” Boston College President Rev. William Leahy said at the time of last year’s gift.
Cadigan graduated from Boston College in 1957 and worked as a product manager at Sylvania Electronic Systems in Waltham for a few years before being recruited to the West Coast to oversee sales and marketing for the Electronic Engineering Co. of California.
He later became that company’s president and chief executive, leading the firm for nearly 20 years.
He subsequently served on the boards of more than a dozen high tech and electronics firms, and assumed the reins as chairman and chief executive of several public companies, including Irvine-based Gateway Communications Inc.
