COSTA MESA, CA—A CT Realty Investors joint venture with WLCM announced the sale of three apartment communities in Costa Mesa, Calif., located within a mile of each other. In a $13.6 million transaction, the three apartment communities were sold to two local private parties.
CT Realty acquired the three communities in a larger multifamily coastal aggregation strategy in May of 2011 and renovated the assets to enhance the value of the portfolio. The three communities are Beachwood Apartments at 324 Victoria St. with 18 units, College Avenue Apartments at 2290 College Ave. with 16 units and Orange Apartments at 2159 Orange Ave. with 21 units.
The CT Realty joint venture acquired the apartment communities in three separate transactions from local private parties and a trustee representing one of the sellers. During early stages of ownership of the communities, CT Realty invested $7,500 per unit in capital improvements involving exterior and interior renovations in all units.
According to James “Watty” Watson, CEO of CT Realty, CT entered into the joint venture with WLCM with the goal of aggregating clusters of smaller apartment projects in coastal communities. The partners have assembled several apartment properties in the Costa Mesa submarket throughout the past two years and have similarly pursued other submarkets up and down the coast.
Damien Breaux of Morgan-Skenderian Investment Real Estate Group in Newport Beach, Calif., represented both parties in the sale of the Beachwood Apartments and the College Avenue Apartments. Peter Hauser and Steven Brombal with Hendricks-Berkadia’s Newport Beach office represented both parties in the sale of the Orange Apartments