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Saturday, Dec 3, 2022

Local Buyer Scores Tustin Apartments

A local investment group headed by a former NFL player has acquired the 80-unit Woodside Garden Apartments in Tustin for $26 million.

Irvine-based Strattford Capital LLC paid $325,000 per unit for the apartment project from another local investor: Newport Beach-based Yacoel Properties, records indicate.

The apartment deal is the second largest by price to take place in Tustin over the past year, trailing the $41 million sale of Terra at Tustin, a 116-unit gated community that traded last March.

That deal works out to about $353,000 per unit.

Strattford Capital

The Woodside Garden complex, at 1071 Walnut Ave., was built in 1970. The 10-building property, totaling 62,640 square feet, includes one- and two-bedroom units at 790 and 980 square feet. It’s near the intersection of Walnut and Newport Avenue.

The new owner is a small private real estate investor founded by Evan Moore in 2013.

Moore, a grad of Brea Olinda High School and Stanford, played in the NFL through 2013.

Strattford has a local portfolio of nearly 300 units, according to CoStar Group Inc. records. Other local assets are in Costa Mesa, Garden Grove, Anaheim, Brea and Huntington Beach.

Its newest buy in Tustin is also its largest reported local acquisition to date, records show.

Top Deals

The recent sale adds to a string of large area apartment deals taking place near the end of 2020.

All but one of the county’s top apartment deals in 2020 took place within the last four months of the year.

The top multifamily deal in 2020 occurred in December when Trammel Crow’s 220-unit CTR City apartments in Anaheim sold to an affordable housing provider for $110 million; see next week’s print edition for more.

It’s just shy of the priciest 2019 multifamily deal: the $113.5 million sale of Costa Mesa’s Baker Block apartment complex.

The Anaheim complex is tops on a per-unit basis, however, trading at $500,000 per unit. That’s higher than the $473,000 per unit seen for Baker Block.

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