Palo Alto-based Essex Property Trust outbid industry heavyweights such as Irvine Apartment Communities for Orange County’s largest apartment community, the 1,447-unit Oakwood Newport Apartments.
The $125 million deal for Oakwood Newport was the most expensive yet in OC, breaking the old record set by the $114 million sale of The Lakes in Costa Mesa in 1998.
Essex bought the property with plans to spend another $30 million upgrading it. That work is under way, and Essex has renamed the complex Coronado at Newport.
The seller was Los Angeles-based R & B; Realty Group, which built the complex in 1968. The company put Oakwood Newport on the market in 1998 in an effort to shift its strategy to smaller complexes.
largest Apartment sales
OAKWOOD NEWPORT APARTMENTS
820-920 Irvine Ave., Newport Beach
$125 million
Buyer: Newport Beach South LLC
Buyer’s Broker: TCI Properties, Redwood City
Buyer’s Agents: Jesse Goldstein, Dennis Daniolian
Seller: Oakwood Garden Apartments
Seller’s Broker: CB Richard Ellis, Laguna Hills
Seller’s Agents: Joe Leon, Raymond Eldridge
Units: 1,447
SIENA TERRACE APARTMENTS
20041 Osterman Rd., Lake Forest
$33 million
Buyer: ERP Operating Limited Partnership
Buyer’s Broker: CB Richard Ellis, Industry
Buyer’s Agent: Sean Deasy
Seller: MRES America Fund
Seller’s Broker: CB Richard Ellis, Industry
Seller’s Agent: Sean Deasy
Units: 356
WHISPERING WINDS APARTMENTS
1100 Calle Del Cerro, San Clemente
$27,250,000
Buyer: CBKIB
Buyer’s Broker: CB Richard Ellis, Newport Beach
Buyer’s Agent: Joe Leon, Raymond Eldridge
Seller: Whispering Wind Apartments
Seller’s Broker: CB Richard Ellis, Newport Beach
Seller’s Agent: Joe Leon, Raymond Eldridge
Units: 250
ADAMS PLACE APARTMENTS
1250 Adams Ave., Costa Mesa
$23 million
Buyer: 1700 Adams Street Investment
Buyer’s Broker: CB Richard Ellis, Anaheim
Buyer’s Agent: Jerry Giglio
Seller: C.J. Segerstrom & Sons
Seller’s Broker: Peninsula Investment R.E.
Seller’s Agent: Michael Sun, Carl Reinhart
Units: 272
MOUNTAIN VIEW APARTMENTS
22706 Lake Forest Dr., Lake Forest
$21.5 million
Buyer: FF Realty
Buyer’s Broker: Investors Group
Buyer’s Agent: Brad Turek
Seller: Elerding Trust
Seller’s Broker: Investors Group
Seller’s Agent: Brad Turek
Units: 225
WATERIDGE APARTMENTS
2200 E. Ball Rd., Anaheim
$16 million
Buyer: Western Wateridge Partners
Buyer’s Broker: Unknown
Buyer’s Agent: Unknown
Seller: AGL Investments No. 2
Seller’s Broker: Fairfield Residential
Seller’s Agent: Unknown
Units: 220
NORTH HILLS APARTMENTS
570 Imperial Highway, Fullerton
$15,875,000
Buyer: KDF North Hills
Buyer’s Broker: Village Investments
Buyer’s Agent: Steve Tomlin
Seller: M/M Robert I. & Helen E. Kotob
Seller’s Broker: Village Investments
Seller’s Agent: Steve Tomlin
Units: 204
CHAPARRAL APARTMENTS
1219 N. State College Blvd., Anaheim
$15 million
Buyer: Rawhide Real Estate Limited Partnership
Seller: MRES American Fund 90-1
Seller’s Broker: CB Richard Ellis, Industry
Units: 282
PARK PLACE APARTMENTS
300 W. 2nd Street, Santa Ana
$11 million
Buyer: 300 West 2nd
Buyer’s Broker: CB Richard Ellis, Laguna Hills
Seller: Pacific Gulf Properties Inc.
Units: 196
BROOK PARK WEST
7400 Artesia Blvd., Buena Park
Buyer: Granite Buena Park
Buyer’s Broker: Sperry Van Ness, Irvine
Buyer’s Agent: Marjorie Molloy
Seller: Brook Park West
Seller’s Broker: Commonwealth Company
Units: 184
SUNNY HILLS TERRACE APARTMENTS
2337-2351 Daphne Place, Fullerton
$10,850,000
Buyer: Fullerton Restoration
Buyer’s Broker: None
Seller: Sunny Hills Terrace
Seller’s Broker: None
Units: 100
GOLDEN WEST APARTMENTS
14392-14482 Goldenwest St.,Westminster
$9.6 million
Buyer: F & F; Goldenwest Associates
Buyer’s Agent: Dash Chopra
Seller: M/M Jeffrey & Elizabeth Tellen
Seller’s Broker: Marcus & Millichap, Ontario
Seller’s Agent: Alex Mogharebi
Units: 136
CYPRESS GROVE APARTMENTS
9950 Juanita St., Cypress
$9,365,000
Buyer: Cypress Grove Apartments
Buyer’s Broker: Charles Dunn Co. Inc.
Buyer’s Agent: Peter Hauser, David Elliot
Seller: Cypress Grove Partnership
Seller’s Broker: Charles Dunn Co. Inc.
Seller’s Agent: Peter Hauser, David Elliot
Units: 160
HIGHLAND ORCHARD APARTMENTS
100 S. Highland Ave., Placentia
$8.8 million
Buyer: M/M Robert I & Helen E. Kotob
Buyer’s Broker: Buyer represented self
Seller: Village Highland Orchard, Ltd.
Units: 104
BRIDGEPORT APARTMENT HOMES
16900 Algonquin St., Huntington Beach
$8,230,000
Buyer: Garden Oaks
Buyer’s Broker: CB Richard Ellis, Laguna Hills
Buyer’s Agent: John Thomas, Joe Leon
Seller: HB Algonquin Partners
Seller’s Broker: CB Richard Ellis, Laguna Hills
Seller’s Agent: John Thomas, Joe Leon
Units: 66
TWIN PINES
2880 W. Ball Rd., Anaheim
$7.1 million
Buyer: Granite/Las Palmas
Buyer’s Broker: Burnham Real Estate Services
Buyer’s Agent: Ed Rosen
Seller: Family Place One, Ltd.
Seller’s Broker: Unknown
Seller’s Agent: Unknown
Units: 114
WOODLAND APARTMENTS
501 W. Katella Ave., Orange
$6.9 million
Buyer: 501 East Katella
Buyer’s Broker: Marcus & Millichap, Ontario
Buyer’s Agent: Cray Carlson, Kevin Conner
Seller: Evelyn C. Holmes
Seller’s Agent: Cray Carlson
Units: 90
ORANGEFAIR VILLAGE
400 Baker Ave., Fullerton
$6,850,000
Buyer: Granite Fullerton
Buyer’s Broker: Morgan-Skenderian Inv. Props.
Buyer’s Agent: Jay Skenderian, Ken Morgan
Seller: Bell-Jax #3
Seller’s Broker: Morgan-Skenderian Inv. Props.
Seller’s Agent: Jay Skenderian, Ken Morgan
Units: 94
FLANDERSPOINTE APARTMENTS
15520 Tustin Village Way, Tustin
$5,507,500
Buyer: Tustin Affordable Housing Corp.
Buyer’s Broker: Marcus & Millichap, Irvine.
Buyer’s Agent: Frank Dinari, Shane McConell
Seller: Corcopia Investments
Seller’s Broker: Hendricks & Partners
Seller’s Agent: Philip Dodge, Bryan Hawkins
Units: 82
SOutH COAST FOUNTAINS
739 Paularino Ave., Costa Mesa
$4,850,000
Buyer: Ridgeway Trust
Buyer’s Broker: Marcus & Millichap.
Buyer’s Agent: Dale Hayden
Seller: Mr. Andre Bakhtiari
Seller’s Broker: Prudential Property Management
Seller’s Agent: Sharo Khastoo
Units: 50
