(Read more on the multifamily market.)
WEST COVINA, CA-Security Properties Inc. has acquired the250-unit Torrey Pines Apartments from New York City-based AcaciaCapital Funds for $53 million in a joint venture with CapmarkFinance Inc. The complex, at 851 S. Sunset Ave., was built in 1981and consists of 21 two-story apartment buildings.
Security Properties' business plan includes enhancements to theunit interiors of the complex, which features an extensive amenitypackage, according to Lonnie Nadal, director of acquisitions forthe Seattle-based firm. The amenities include five swimming pools,two heated spas, a fitness center and multiple children'splaygrounds.
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