(Mark Your Calendars: RealShare Apartments 2011, October 20 in Los Angeles).
TUSTIN, CA-A Southern California-based syndicator has acquired the 165-unit Valencia Gardens Apartments from Long Beach-based BB&K/NNC Valencia Gardens for $25.5 million in a deal brokered by Hendricks & Partners. The property is at 15742 Williams Str. and represented the buyer's first purchase in Orange County, according to the Hendricks & Partners brokers, who represented both the buyer and the seller.
The buyer was interested in the asset for its size, more than 100 units, as well as its "desirable location and being in good physical condition," according to the brokers.
The seller was represented by Peter Hauser and Shane Shafer of the Newport Beach office of Hendricks & Partners. The buyer was represented by Robin D. Ossenbeck of the West Los Angeles office of Hendricks & Partners.
The complex occupies a prime location within one mile of Downtown Tustin and Newport Avenue, according to the brokers. They note that Tustin Marketplace and the John Wayne/Orange County Airport each about five miles away. "The District" retail and entertainment center at Tustin Legacy is within minutes of the Valencia Gardens complex.
Valencia Gardens, built in 1970, features 90 one-bedroom and 75 two-bedroom units. Recent unit renovations include upgraded carpet and tile; refinished kitchen and bathroom cabinetry; new sinks, blinds, ceiling fans, and appliances; refnished tub enclosures; and accent walls.
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