Save the date: RealShare L.A.comes to the Hyatt Regency Century Plaza in Los Angeles, CA on March 27, 2013
LONG BEACH, CA-Western National Realty Advisors has paid $46 million for a 206-unit apartment complex here, its sixth acquisition through its newest private equity fund.
The development stands at 1613 Ximeno Ave., not far from the 405 Freeway and California State University, Long Beach. It has one-bedroom and two-bedroom units with a total of 145,000 square feet of rentable space.
The company also plans to renovate the complex, which is already 98% leased, Western National vice president Jerry LaPointe says.
Western National was represented by Greg Harris, Kevin Green and Joseph Grabiec of Marcus & Millichap‘s Institutional Property Advisors division. The same team also advised the seller, Colorado-based Archstone.
The new acquisition was made through Western National Fund II LP.
The fund is focusing solely on the development and acquisition of multifamily properties. It has more than $200 million in commitments from institutions and high net worth individuals alike, LaPointe said.
Western National Realty is an affiliate of Irvine, CA-based realty giant Western National Group.