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124-Unit Apartment Fetches $18.6 Mil

ALISO VIEJO, CA-The property is acquired by Redwood Residential LLC. The seller is Northwestern Mutual Life Insurance Co. Apartment occupancy levels continue to drop in the region.

By Erin Cassin | Updated on January 25, 2002

ALISO VIEJO, CA-An Aliso Viejo multifamily complex that has recently changed hands has fetched $150,290 per unit for the seller, Northwestern Mutual Life Insurance Co.

The Newport Beach-based company has sold the property to Redwood Residential LLC of Martinez. Redwood has paid more than $18.6 million for the complex, which sold at a 6.5% capitalization rate. Known as Canyon Point, the apartment community contains 124 units.

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