Encompassing nearly nine acres, the complex is located at the northwest corner of State College Boulevard and Romneya Drive. It was 95% occupied at the time of sale.
Matthew Lawton and Sean Deasy of CB Richard Ellis' Institutional Group spoke for the seller, an Illinois-based private investor known as Rawhide Real Estate. Carl Greenwood and Jim McKenzie of Tustin, CA-based Greenwood & Son advised Cadigan. Greenwood & Son will handle management duties for the buyer.
"The project has performed well historically despite the lack of proactive management and marketing," Greenwood says. "Our client has been an apartment owner in Orange County for over 25 years and sees the long term potential of a project such as Arbor Park." Cadigan plans to upgrade the project, expecting to sink nearly $250,000 in improvements into it.
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