Madrid Apartment Homes Madrid Apartment Homes features three-story Mediterranean architecture, an upgraded clubhouse, a swimming pool and spa with BBQ area and a modern fitness center.

MISSION VIEJO, CA—National real estate investment company Acacia Capital has purchased Madrid Apartment Homes, a 230-unit luxury apartment community here, for approximately $83 million from Essex Property Trust, a publicly traded REIT based in San Mateo, CA. The asset “presents an excellent opportunity to create greater returns through a renovation program in the future,” says CBRE’s John Montakab in a prepared statement.

Montakab, along with CBRE’s Stewart Weston, Kevin Mulhern and Rachel Parsons, represented both the seller and the buyer in the transaction. Financing for the deal was provided by the firm’s Troy Tegeler and Trevor Breaux.

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Carrie Rossenfeld

Carrie Rossenfeld is a reporter for the San Diego and Orange County markets on and a contributor to Real Estate Forum. She was a trade-magazine and newsletter editor in New York City before moving to Southern California to become a freelance writer and editor for magazines, books and websites. Rossenfeld has written extensively on topics including commercial real estate, running a medical practice, intellectual-property licensing and giftware. She has edited books about profiting from real estate and has ghostwritten a book about starting a home-based business.

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