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MORENO VALLEY, CA-Western National Realty Advisors, the development arm of Irvine-based Western National Group, has kicked off construction of a 320-unit, $50-million apartment complex on a site of nearly 19 acres that the company acquired recently. The complex, which is scheduled for initial occupancy in the spring of 2006, will be called Moreno Valley Apartments and will occupy a site on Alessandro Boulevard, west of Perris Boulevard. The project will consist of 16 two- and three-story townhome-style buildings with a mix of one-, two-,and three-bedroom units. Amenities will include a 3,000-sf clubhouse, a full-length pool, a children’s play area, a business center, a fitness center and landscaped areas throughout. The development is part of Western National’s “aggressive growth plan to double the number of multifamily units we own and manage,” explains Stephen Duffy, COO of Western National Realty Advisors. The company is acquiring land for development, buying existing buildings and looking for joint ventures with landowners. The firm’s construction arm, Western National Contractors, will handle construction for the project, with Western National Property Management to manage it. The project architect is KTGY Group. The Moreno Valley project is one of a number of moves Western National and its related entities have completed of late in its growth plan. In another major transaction, Western National Group’s Western National Realty Fund I has purchased the 133-unit Monterra Apartments in Anaheim as the fund’s first acquisition. Fund I bought the property from Western National Group, which had owned it since February 2004 after buying it from an offshore investor. Rex DeLong, president of Western National Realty Advisors, describes the complex, which was formally known as Campton Place, as a renovated and stabilized property since Western National repositioned the asset via $800,000 in improvements. He explains that Western National Property Management had managed Campton Place for the seller for several years before Western National Group acquired it. “We anticipate strong rental growth,” says DeLong, based on the property’s “good location in a tight Central-Orange County market.” The Monterra is a nine-building complex that was approximately 95% occupied at the time of its acquisition by Fund I. Its one-bedroom, one-bath units measure 730 sf and its two-bedroom, two-bath units 950 sf. Rents average $1,150. DeLong says Fund I will be a main driver for Western National Group’s plan to double its multifamily portfolio from 13,000 owned units to 26,000 owned units within five to seven years, through both acquisition and development. The company manages more than 23,000 units.

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