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FULLERTON, CA-Security Properties has sold Waterton apartment homes at 600 Langsdorf Dr. here to Acacia Capital Corp., a large San Francisco Bay-area investment fund, for $23.25 million. The sale of the 147-unit apartment community, which was 100% occupied at closing and is popular for off-campus housing at Cal State Fullerton, breaks down to $158,163 per home following considerable investor interest in the property.
Waterton is located just off the 57 Freeway and within walking distance to Fullerton's downtown and several universities. A total of six buildings make up the complex on 3.76 acres of land.
Distinguishing the property are its park-like setting and amenity package for renters. Beginning in 2008, the apartments underwent a $3.1-million renovation by Security, including floor-to-ceiling interior upgrades and new exterior paint. Community renovations included extensive landscaping, a new fitness center, business center, media room and Wi-Fi access in common areas, a completely renovated leasing office, an outdoor fireplace feature and extensive pool-area upgrades.
CBRE's Ray Eldridge, SVP; Bob Patterson, first VP; and Michelle Jefcoat, senior sales director, represented the seller in the transaction, which is the CBRE team's 9th closing so far this year, generating approximately $300 million in consideration. “We were not surprised by the high level of investor interest for Waterton apartments,” said Eldridge in a prepared statement. “The community's walkability to the universities, as well as ownership's well-executed renovation, contributed to the property being ranked as one of the top three best off-campus housing options by Cal State Fullerton's staff and students.”
As GlobeSt.com previously reported and tweeted about on @GlobeStcom on Twitter, in May Acacia closed escrow on the largest single-asset sale in the San Gabriel Valley since 2005. The 392-unit residential apartment community known as “Windsor at Victoria Heights” was sold for $56 million on behalf of Windsor Realty Fund-V, a co-investment fund managed by GID.
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Carrie Rossenfeld
Carrie Rossenfeld is a reporter for the San Diego and Orange County markets on GlobeSt.com and a contributor to Real Estate Forum. She was a trade-magazine and newsletter editor in New York City before moving to Southern California to become a freelance writer and editor for magazines, books and websites. Rossenfeld has written extensively on topics including commercial real estate, running a medical practice, intellectual-property licensing and giftware. She has edited books about profiting from real estate and has ghostwritten a book about starting a home-based business.
