LAKE FOREST, CA—CBRE has completed the sale of a 140-home apartment community located at 23251 Los Alisos Blvd., to Patrick Cadigan Trust for $39.5 million. CBRE multifamily experts Ray Eldridge, Bob Patterson, and Michelle Jefcoat represented the undisclosed seller. The buyer was represented by Carl Greenwood and Jim McKenzie of Greenwood & McKenzie. The Cadigan portfolio now encompasses 13 Orange County apartment properties totaling 2,070 units.
“Originally developed in 1978, the property is distinguished by its strategic infill location and exceptionally low density of fifteen units per acre,” said Eldridge. “As apartment demand in Orange County continues to outpace new supply, owners of existing apartment communities are well-positioned to benefit from long-term rental growth.”
The 140-unit community features one and two bedroom floor plans averaging 903 square feet, with a total of 126,480 square feet. It features 15 two-story residential buildings, a stand-alone leasing office, a resort-style pool and spa, fitness center, tennis and sport court, and a clubhouse.
The property is walkable to numerous retail and restaurant amenities. It is also proximate to the Irvine Spectrum, the Arbor at El Toro and the Shops at Mission Viejo. Nearby recreational amenities include the brand new 86-acre Lake Forest Sports Park, numerous hiking and biking trails, and the 1,347-acre Great Park. The convenient infill location offers proximity to Interstates 5 and 405, as well as the Foothill (241) and Eastern (262) toll roads, providing access to major employment centers and world-class entertainment venues throughout Orange, Los Angeles and San Diego Counties.
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