Rare 575-Unit Portfolio Goes to Market

TUSTIN, CA-The Roy E. Daly Co. has gone to market with a portfolio of four low-density, garden-style complexes totaling 575 units that represents what the CB Richard Ellis listing agents for the portfolio describe as a rare opportunity. The four properties, two in Tustin and two in other Southern California cities, are being offered on a one-off or portfolio basis. The asking prices for the four total $108.5 million.

The four properties are the 247-unit Sunridge Pines Luxury Town Homes in Alta Loma, the 140-unit Canyonwoods Apartments in Lake Forest, the 124-unit Pinewood Apartments and the 64-unit Tustin Plaza―the latter two both in Tustin. The CBRE listing agents are senior vice president Raymond Eldridge and first vice president Robert Patterson in the company's Newport Beach office, along with vice chairman Tyler Anderson in CBRE's Las Vegas office.

The Kansas-based Daly Co. was the original developer of the properties, which the CBRE brokers describe as "impeccably maintained through extensive capital investment by the original developer." All four complexes are strategically located within their respective markets and feature significant value-add opportunities, the CBRE team says. In addition, Sunridge Pines and Pinewood both have condominium tract maps. Average occupancies at the properties range from 94% to 96%, with average rents that range from $1,250 to $1,478.

Sunridge, built in 1986 through 1988, is at 6653 Canary Pine Ave. in Alta Loma and features units that average 1,179 square feet with one to three bedrooms and one to three baths. Canyonwoods, built in 1978, is at 23251 Los Alisos Blvd. in Lake Forest and features units of one and two bedrooms that average 903 square feet. Pinewood, built in 1972, is at 14160 Redhill Ave. in Tustin and features units of one and two bedrooms that average 742 square feet. Tustin Plaza, built in 1970, is at 131 Hall Circle and features units of one and two bedrooms averaging 795 square feet.

In addition to the properties themselves, the CBRE brokers cite a number of factors that are expected to add to their appeal to investors, including their locations near freeways and other transportation corridors, as well as the proximity of jobs, shopping, entertainment and other amenities.