Seattle Buyer Pays $30M for 188 Units

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SANTA ANA, CA-Security Properties of Seattle has added to its Southern California multifamily portfolio with the $30.25-million acquisition of the La Serena Apartments in a deal with a Beverly Hills-based seller, SP La Serena LLC. The property is a 188 unit-complex that the Seattle-based buyer acquired in partnership with Capmark Finance Inc.

Security says that it plans a significant renovation of the complex, which occupies a 7.2-acre site at 727 S. Lyon St., on the border of Santa Ana and Tustin, less than a mile from rail service throughout Orange County. Lonnie Nadal, managing director of acquisitions for Security Properties, says that the acquisition “reflects our strong belief in the solid fundamentals of the Orange County economy.”