2/16/2007

Orange County apartment complex draws $43 million

by

Park Place Apartments

National real estate investment firm Carmel Partners paid $43 million for a 246-unit apartment complex in Orange County, Calif. on Feb. 16.

Located at 16282 E. Main St. in the Southeast Los Angeles suburb of Tustin, Park Place Apartments was previously owned by a southern California-based family partnership. The company had owned the property since it was built in 1969.

The vacancy rate of the 218,760 sq. foot complex was reportedly 12 percent at the time of the sale.

NAI BT Commercial's Multi-Family Division brokered the sale on behalf of both parties.

Located on 5.6 acres across the street from Prentice Park and within walking distance from downtown Tustin, Park Place Apartments offers 206 apartments and 40 townhouses. The facility also offers a swimming pool, covered parking and a playground.

Carmel Partners owns properties in five continental U.S. markets and Hawaii. The company's Southern California property portfolio includes apartment complexes in Santa Ana, Stanton, West Covina, Reseda, Santa Monica and Los Angeles.

Address: 16282 E. Main St., Tustin, Calif.

Size: 206 apartment units, 40 townhouses

Built: 1969

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Filed Under: Multi-Family

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