5/3/2009

Orange County multi-family commands $70M

by

Avila Apartment Homes

Stoneridge Capital Partners has purchased a 498-unit apartment complex in Rancho Santa Margarita, Calif., from the Northwestern Mutual Life Insurance Company for $70 million.

Ray Eldridge of CB Richard Ellis and Joe Leon of Hendricks & Partners jointly represented the seller in the transaction.

Known as Avila Apartment Homes, the Class A property is located at 22751 El Prado and features one and two bedroom apartment homes with private patios, fitness center, pool, clubhouse and business center, among other quality amenities. It is located adjacent to the 241 Toll Road and Antonio Boulevard on and off ramps making it readily accessible to employment centers throughout south Orange County.

Address: 22751 El Prado, Rancho Santa Margarita, Calif.

Size: 498 units

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Filed Under: Multi-Family

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