Three of the properties, Hidden Hills, Niguel Summit and Seaview Summit are located in Laguna Niguel. The fourth property, Paloma Summit, is located in Foothill Ranch. In all, the four properties total 794 units.
Selling for around $130,000 per unit, the transaction is evidence that the demand for quality properties in Orange County remains strong despite a slowing national economy.
"I don't believe the market has peaked. There's room for some movement," says Mark Carter, CEO of Sequoia Equities. "We feel Southern California is trailing Northern California as far as rent increases, probably by 18 to 24 months"
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