Sharon Kline and Troy Tegeler of the Newport Beach office of Melody, which is the real estate banking arm of CB Richard Ellis, report that Cigna Investments Inc. provided the funding on behalf of Ladera WNG IV LLC, whose members are DMB Ladera LLC and WNG Development 2002 LP, which is an affiliate of Western National Group.Ladera Ranch is one of the newer master-planned communities within unincorporated areas of South Orange County, just east of Mission Viejo. The Laurel Vista Apartments were developed by DMB Ladera LLC, which is a joint venture of Ladera Development Co. and DMB Consolidated Holdings LLC.The garden-style apartment complex, completed in 2004, features a landscaped courtyard in the center, two recreation buildings that surround the swimming pool and spa, a leasing and management office and a business center, a fitness center and a community kitchen. The apartment complex is one of a number of new developments at the 4,000-acre Ladera Ranch, which will include 8,100 homes when fully built out.

The apartments have been completed at a time when, according to a recent research report by Marcus & Millichap, "Orange County apartments are on solid footing and will only perform better as mortgage rates rise." As home prices continue to increase and the population grows, the renter pool will expand and apartment owners will benefit from the increased tenant demand and will be able to raise rents without sacrificing occupancy, the report says. Among the factors driving the multifamily market, according to the report, are a solid economic outlook that is expected to produce more jobs, along with high development costs and a lack of developable land that limit apartment construction.