SAN CLEMENTE, CA-GlobeSt.com has learned that Irvine, CA-based Western National Realty Advisors, an affiliate of Western National Group, has acquired a 368-unit institutional-quality apartment community with ocean views here called Seacrest Luxury Apartments. The property was purchased from an affiliate of Trecap Partners for $95.44 million through the Western National Realty Fund II LP, the firm’s second private equity fund.

“Seacrest’s solid location in Orange County, with its high barriers to entry, is the type of project we are seeking in the market,” notes Rex DeLong, president of Western National Realty Advisors. “The community enjoys sweeping ocean and hillside views and is situated within a park-like setting. It was designed as a low-density community spread over 25 acres of land which would be hard to duplicate in today’s environment.”

Originally constructed in 1988, Seacrest Luxury Apartments underwent a renovation completed in 2009, which includes the sought-after features for luxury renters, such as stainless-steel appliances, granite countertops and crown molding. “The opportunity to acquire this community is a true win for our investors,” DeLong explains. “Even with its superior current design and its 97%-plus occupancy, we will be able to increase its value over the years through attention to upgrading and the utilization of our award-winning Western National Property Management firm to elevate the level of service to our high-end residents.”