The properties include the 386-unit Aventine at Aliso Viejo, which sold to Pacific Coast Management of Newport Beach, CA for $56.25 million; 484-unit Alize at Aliso Viejo, which sold to Sequoia Equities of Walnut Creek, CA for $75 million; and 498-unit Avila at Rancho Santa Margarita, which sold to Stoneridge Capital Partners of Newport Beach for $70 million.
The seller was represented in all three deals by Joe Leon and Dean Zander, partners at Hendricks & Partners, and Raymond Eldridge and Kevin Mulhern, senior vice presidents at CB Richard Ellis. According to Leon, Northwestern Mutual decided to sell the properties, which it had owned since they were completed in the late 1990s, to shore up their cash reserves. "It was a balance sheet play," he says.
The properties went on the market in early December, and Leon says response was extremely positive because of their location and quality. "We probably conducted 130 tours," he reports, adding there were prospects from "entirely across the spectrum," including high-net-worth individuals, sponsored equity funds, family trusts, public trusts and pension fund advisors.
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