The partnership has acquired the 160-unit Arbor Court Apartments from Bascom Properties. Located at 9950 Juanita St., the property was 97% occupied at the close of escrow. Amenities here include a pool, spa, fitness center, laundry facility, covered parking and gated access.
Constructed in 1969, the complex recently underwent a major renovation that consisted of exterior improvements. Western National Properties plans to conduct a landscape renewal and interior refurbishment of the property. In addition, the company plans to build a freestanding leasing office and resident clubhouse facility.
The acquisition of Arbor Court Apartments marks the second purchase by Western National Properties in recent months. The company's $17-million acquisition of the 184-unit Brookstone apartment complex in Buena Park closed in November.
"We see the current market as an opportunity to grow our company's portfolio in strong growth and/or core markets and will continue to actively pursue promising acquisition, rehabilitation or development possibilities," says Bill Montgomery, director of acquisitions for Western National Properties. "Arbor Court represents a very solid acquisition especially when you consider the scarcity of land for future housing and the lack of housing throughout the entire Orange County market."
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