CT Realty, which acquired the Baywood Villa Apartments in 1999, made more than $3 million in renovations to the property while it was under the company's ownership. Improvements include newly constructed garages and storage facilities, a fitness center and a recreational complex, as well as new painting and lighting. In addition, upgrades were made to the sales office and apartment interiors.
CT Realty was represented by Sean Deasy of CB Richard Ellis' Ontario office, along with Matthew Lawton, formerly with the firm's office in Chicago, IL. Frank Wang and James Yang of Arcadia-based Pacific International Properties Inc. acted on behalf of the buyer, GTS Properties Hollywood Inc. of Rolling Hills Estates.
The Baywood Village Apartments complex is located at 1171 E. Baywood Dr. in Riverside County's City of Corona. With its steady rise in population and relatively low unemployment rates, Riverside continues to boast a large base of multifamily tenants. Employment here is actually on the rise, as the region's unemployment level decreased 0.3% in February 2002, according to a new report by the State of California Employment Development Department. Riverside's unemployment rate dropped from 5.7% in January to 5.4% in February, the report says.
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