628-Unit Creekside Meadows Apartments Trades

TUSTIN, CA-Creekside Meadows Development LLC has sold the 628-unit Creekside Meadows apartment complex at 13802-13881 Tustin East Dr., according to brokers from Hendricks & Partners who were the listing agents on the sale. The sales price and the buyer were not disclosed, but the complex was on the market at an asking price of $100 million, according to a previous GlobeSt.com report. Research by GlobeSt.com shows that the complex now appears on the web site of apartment REIT AvalonBay on a list of its properties.

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

The transaction was completed within 48 days. Leon states in an announcement of the deal: "This community has an outstanding location, because it is within 20 minutes of over 30 million square feet of commercial developments." Creekside Meadows is adjacent to Irvine and Tustin Ranch master planned communities where rents are averaging up to $500 per unit higher. "We believe the property will achieve rental upside by drafting on these luxury rental units.” Zander adds.

According to previous GlobeSt.com reports, Creekside Meadows is the largest apartment complex to come to market in Orange County this year. The property previously traded for $123 million in June 2006.

Constructed between 1968 and 1972, the complex features access from Tustin East Drive, El Camino Real and San Juan Street, immediately north of Interstate 5.