(Mark Your Calendars: RealShare Orange County, August 18 in Newport Beach).
(Mark Your Calendars: RealShare Apartments 2011, October 20 in Los Angeles).
WESTMINSTER, CA-Real Estate Receiverships of Newport Beach has landed the receivership assignment for a 136-unit condominium project, now named Jasmine Place. The property is described as an upscale condominium that opened in 2009 in the Little Saigon district of this city, according to receiver Taylor B. Grant.
Grant noted that, in addition to being placed in receivership, the project has been converted to rentals. He added that Western National Property Management, which has been retained to manage and lease the units, will officially kick off the marketing campaign with a grand opening July 19.
Originally developed by Moran Property Limited Partnership and Asian Gardens II, Jasmine Place has eight original condo buyers remaining in the building, according to Grant. According to court records the project was originally valued at over $57 million when it came on the market, he said.
The project includes units of one and two bedrooms that range from 770 to 1,639 square feet in a four-level building at 15,100-15,200 Moran St. Common area amenities include a clubhouse, a fitness center, five landscaped recreational courtyards, a playground and covered garages.
“We believe the project’s compelling exterior--distinguished by French-inspired design with Asian overtones-- will be highly appealing to renters,” stated Grant, who noted that the popular Asian Garden Mall is just minutes from the project.
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