COSTA MESA, CA—CT Realty's investment strategy appears to be working. The firm has sold its Costa Mirage multifamily property at 393 Hamilton St. here to Cameron Properties Inc. for $12.9 million.

The transaction was part of a plan to aggregate smaller properties in the coastal community of Costa Mesa, according to Raymond A. Polverini, SVP for CT Realty. The apartment projects were renovated and repositioned in the marketplace prior to being sold; Costa Mirage is the firm's fourth Costa Mesa property to be sold.

The community consists of 62 units and is currently 95% occupied. Located on 1.64 acres, the property is constructed in four-unit and eight-unit buildings and features a large fitness center, clubhouse, pool and spa. Apartments are available in studio, one-bedroom and two-bedroom townhome floor plans, each with a patio or balcony and its own garage parking.

“Costa Mirage is a good representation of our strategy to invest in undervalued but well-located apartment communities in Costa Mesa and other coastal communities with supply-constrained rental markets,” says Polverini. “After making capital improvements and enhancing operations, we were able to reintroduce the communities to the market with a significant return on investment for CT and its investor partners.”

Steven Brombal and Peter Hauser with the Newport Beach, CA, office of Hendricks-Berkadia represented CT in the transaction, while Cameron Properties represented itself.

CT has been actively investing in the Southern California market recently. As GlobeSt.com reported in July, an affiliate of the firm purchased 17.26 acres of land in Fontana, CA, for the purpose of constructing two industrial buildings, which will total 358,410 square feet.