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CORONA, CA-Newport Beach-based CT Realty Corp. has acquired the 83-unit Corona Village Apartments from Corona Apartment LLC and Warmside-Corona Apartments LLC, both of Newport Beach, for $7.8 million.

Raymond A. Polverini, VP for multi-family for CT Realty, says the company plans to spend $1 million renovating the six-building project, which is at 901 S. Smith St., close to the 91 Freeway, and was 95% occupied at the time of the sale. The complex, built in 1989, is situated on more than five acres of landscaped property. The Cape Cod style complex features a pool and spa, barbeque areas and covered parking among its amenities. All of the apartments include two-bedroom, two-bathroom floor plans with central air conditioning, and all second-story units feature vaulted ceilings. The complex was built in 1989. CT’s planned upgrades include exterior painting of all buildings as well as construction of new garages for residents. Apartment interiors will receive new washer/dryers in each unit and new enclosures for the balconies. In addition, carpentry repairs and other significant improvements will be made throughout the property.

Lonnie Nadal of CT Realty represented the investment firm in the transaction. The seller was represented by Brian Hawkins of Hendricks % Partners’ Newport Beach office. Green Park Financial, based in Bethesda, MD., assisted CT Realty in assuming the existing loan.

Since its establishment in 1994, CT Realty has completed more than 120 transactions totaling more than $1.5 billion, which includes acquisitions, sales, development and redevelopment. It focuses on industrial, suburban office, multi-family, retail and self-storage properties primarily in the purchase range of $5 million to $75 million.

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