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MISSION VIEJO, CA—National real estate investment company Acacia Capital has purchased Madrid Apartment Homes, a 230-unit luxury apartment community here, for approximately $83 million from Essex Property Trust, a publicly traded REIT based in San Mateo, CA. The asset “presents an excellent opportunity to create greater returns through a renovation program in the future,” says CBRE's John Montakab in a prepared statement.
Montakab, along with CBRE's Stewart Weston, Kevin Mulhern and Rachel Parsons, represented both the seller and the buyer in the transaction. Financing for the deal was provided by the firm's Troy Tegeler and Trevor Breaux.
Graham Davidson of Acacia Capital tells GlobeSt.com, “We like the long term fundamentals of the multifamily market in South Orange County, and we think that there is an opportunity for us to add value to the property through upgrades to both the amenities and to the unit interiors.”
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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.
