ORANGE, CA-GID Investment Advisers of Boston has acquired a 280-unit apartment complex here and plans to spend about $15,000 per unit to upgrade and reposition the property. Precise terms of the deal were not disclosed, but Rich Ross, Larkspur-based director of western region acquisitions for GID, tells GlobeSt.com that the price was more than $300,000 per unit.
The complex, at 1235 Town & Country Rd., formerly was called the Meridian at Town & Country but has been renamed the Windsor at Main Place. The Windsor complex, which consists of units of one and two bedrooms that average 888 sf on a five-acre site, was 95% occupied at the time of the sale.
Ross tells GlobeSt.com that the repositioning plan will redesign and renovate the property's common areas and completely retrofit all unit interiors. The property, which was built in 2000, comprises three residential buildings and a freestanding parking garage. Its amenities include two resort style swimming pools and spas, a business center, a club room and a fitness facility.
Ross notes that the acquisition is GID Investment Advisers' first entry into the Orange County marketplace. "The long-term fundamentals of the county are outstanding," Ross observes. "With our planned renovations, the property should be one of the stars in our portfolio."
The complex is located just east of Interstate 5 and immediately south of State Route 22 in a high visibility, pedestrian-friendly location near major employers, shopping and entertainment venues. Several of the area's large hospitals are within a few blocks of the property, as well a 1.1-million-sf regional mall anchored by Macy's and Nordstrom.
GID views the new asset as a long-term investment, Ross points out. "Whatever pain the county may be experiencing now, we feel will be far outweighed by the property's enduring strengths," he says.
GID acquired the property from a joint venture of a national pension fund adviser and a California-based public pension fund. The deal was brokered by listing agents Mary Ann King and Brett Betzler of the Costa Mesa office of Chicago-based Moran & Co.
GID Investment Advisers also owns a 400-unit complex in the San Gabriel Valley. The company is an affiliate of the General Investment & Development Cos., a privately held firm with more than 45 years of experience in developing, acquiring and managing apartment complexes, suburban office properties and flex industrial business parks.
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