(Mark Your Calendars: RealShare Apartments 2011, October 20 in Los Angeles).
ANAHEIM, CA-Western National Realty Advisors, an affiliate of Western National Group, has acquired the 193-unit La Ramada Apartments at 2965 E. Jackson Ave. from an East Coast-based seller for $31 million and has renamed the property Madera Apartments. Jerry LaPointe vice president of Western National Realty Advisors, commented in an announcement regarding the acquisition: “The acquisition of Madera fits well with our business plan to expand our ownership presence in Southern California. We have been aggressively seeking acquisition opportunities in strong submarkets that have the best outlook for recovery. We believe strongly in Orange County fundamentals and this acquisition fits our strategic plan.”
The Madera property, built in 1971, is a garden-style complex of one- and two-bedroom apartments in 16 buildings. The project, which is 97% leased, consists of units ranging from 715 to 1,055 square feet at rents that average about $1,275.
LaPointe describes Madera as “best-in-class in its market due to significant upgrades made to the property two years ago, in which $1.6 million was invested in the property.” With these upgrades the property has remained highly competitive and maintained a strong occupancy rate, he adds.
Western National represented itself in the acquisition, in which the seller was was represented by Sean Deasy and Ryan Fitzpatrick of HFF. The complex will be managed by Western National Property Management.
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