TUSTIN, CA-Creekside Meadows Development LLC has sold the628-unit Creekside Meadows apartment complex at 13802-13881 TustinEast Dr., according to brokers from Hendricks & Partners whowere the listing agents on the sale. The sales price and the buyerwere not disclosed, but the complex was on themarket at an asking price of $100 million, accordingto a previous GlobeSt.com report. Research by GlobeSt.com showsthat the complex now appears on the web site of apartment REITAvalonBay on a list of its properties.

Listing brokers Joe Leon and Dean Zander of Hendricks &Partners report that they conducted more than 40 property toursthat generated 15 qualified offers from both private andinstitutional investors, "many of whom were attracted to theexcellent location and size of this investment," they say. Theclass B property is the largest apartment complex in Tustin and issituated on 23.5 acres on five separate parcels of land. Over thepast five years the previous owner completed extensive exterior andinterior renovation programs, the Hendricks brokers note.

The transaction was completed within 48 days. Leon states in anannouncement of the deal: "This community has an outstandinglocation, because it is within 20 minutes of over 30 million squarefeet of commercial developments." Creekside Meadows is adjacent toIrvine and Tustin Ranch master planned communities where rents areaveraging up to $500 per unit higher. "We believe the property willachieve rental upside by drafting on these luxury rental units.”Zander adds.

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