LOS ANGELES-Santa Monica-based Ocean West Capital Partners has completed the acquisition of an eight-building 295-unit apartment portfolio in Costa Mesa, CA. The transaction was completed off-market in a direct negotiation with the seller, a private trust.
The recently formed real estate investment, management and advisory firm, formed by five veteran real estate executives, was launched in early March to focus on distressed assets on behalf of lenders and owners. The company serves its clients through three primary avenues: advisory services, direct investment and property management.
“This was a rare opportunity to acquire a portfolio of this size given that there have been only five trades of over $40 million in Costa Mesa in the last 10 years,” says Russ Allegrette of Ocean West. “The portfolio fits well within our strategy of acquiring good quality assets in excellent locations at low historic values.”
The properties straddle Newport Boulevard/55 Freeway in coastal Orange County and are each located within two to three miles of the Pacific Ocean, Newport Beach, Orange County-John Wayne Airport and South Coast Plaza. “This is a supply constrained market with excellent fundamentals given its convenient access to the employment centers and amenities of Orange County,” adds Troy Miller of Ocean West.
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Natalie Dolce
Natalie Dolce, editor-in-chief of GlobeSt.com and GlobeSt. Real Estate Forum, is responsible for working with editorial staff, freelancers and senior management to help plan the overarching vision that encompasses GlobeSt.com, including short-term and long-term goals for the website, how content integrates through the company’s other product lines and the overall quality of content. Previously she served as national executive editor and editor of the West Coast region for GlobeSt.com and Real Estate Forum, and was responsible for coverage of news and information pertaining to that vital real estate region. Prior to moving out to the Southern California office, she was Northeast bureau chief, covering New York City for GlobeSt.com. Her background includes a stint at InStyle Magazine, and as managing editor with New York Press, an alternative weekly New York City paper. In her career, she has also covered a variety of beats for M magazine, Arthur Frommer's Budget Travel, FashionLedge.com, and Co-Ed magazine. Dolce has also freelanced for a number of publications, including MSNBC.com and Museums New York magazine.
