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POWAY, CA-Orange County-based Western National Realty Advisors' Fund I has made a major play in the local multifamily market by acquiring an interest in Silver Oak Apartments, a 193-unit apartment community. Financial terms were not released on the deal, but Stephen J. Duffy, chief operating officer of Western National Realty Advisors, says the fund acquired "a significant partnership interest in this deal."Duffy tells GlobeSt.com that the firm plans to make significant upgrades to the property. "We'll be putting in about $10,00 per unit," he says. "We are gating the property and putting in new counters, cabinets and appliances." Other improvements include interior and exterior painting and extensive landscaping."We expect to stabilize the property's occupancy at 95% after the rehab," says Duffy. "We will begin work this quarter and will finish up within the year."Duffy says the property is an attractive acquisition for a number of reasons. "We like the North San Diego market. Our view of that market and this location is that it's very close to major employment areas."Silver Oaks Apartments are also a rare property type in North San Diego County—an apartment community not being targeted for condo conversion. For Western National, the fundamentals were in place for an attractive buy. "This is a high-growth area that's suffering from a chronically undersupplied housing market," says Duffy. "There are virtually no new apartments going up and much of the existing product has been taken out and converted to condos."The property is across the street from a retail power center and within close proximity to numerous office parks. Duffy says the firm plans to raise rents on the property and "we will hold it for at least 10 years. That view is consistent with our philosophy of long term ownership."For Western National Group, the Silver Oaks buy is its latest Southern California purchase in its Fund I. According. The property joins Monterra, a 133-unit community in Anaheim; The Boulevard, a 202-unit apartment site in Northridge, which is under development; and an interest in El Dorado, a 116-unit apartment community in Garden Grove.