IRVINE, CA-Locally based Western National Group has acquired the 403-unit Charter Apartments at 2750 Kelvin Ave. from the State Teachers Retirement System of Ohio. Western National acquired the property through its Western National Realty Fund II LP in a transaction that was brokered by Downtown Los Angeles-based executive managing director Marc Renard of the Cushman & Wakefield Capital Markets Group, along with Ed Rosen and John Chu of the San Diego office of Cushman & Wakefield, with the C&W team representing the seller.

Western National Realty Fund II, which focuses on Southern California multifamily projects, is the second private equity fund for the Irvine-based firm. The firm "is actively pursuing the acquisition of well-located, high-quality existing properties, as well as ground-up development opportunities," according to Jerry LaPointe, vice president of acquisitions for Western National Realty Advisors. LaPointe notes that the Charter complex, which was built in 1988, is in excellent condition because the previous owners invested more than $6.7 million in capital improvements, including renovations of the unit interiors and common areas.

Renard says that the Charter generated 18 offers from bidders that included public REITS, operating groups, high-net-worth individuals and others. He calls it "a very high-profile property in a high-profile location," pointing out that, it's very rare that assets of this size and quality trade in the Irvine market because those who own them want to hold onto them, especially the Irvine Co., which owns the majority of the product and is a long-term holder. Renard adds that the sale "demonstrates the appetite among investors for core assets in strong markets."

The Charter Apartments consist of three stories of residential units built over subterranean parking in the Orange County Airport market. The property, which is 96% occupied, features two resort-style swimming pools and spa areas, a tennis court, a picnic area and a newly renovated clubhouse and fitness center. Terms of the sale were not disclosed.