628-Unit Complex Goes to Market at $100M

TUSTIN, CA-Owner Creekside Meadows Development has named Hendricks & Partners to market the 628-unit Creekside Meadows complex at an asking price of $100 million. This is the largest apartment complex to come to market in Orange County this year, according to Hendricks & Partners’ Joe Leon of the company’s Newport Beach office, who is marketing the asset along with Dean Zander of the West Los Angeles office. Leon tells GlobeSt.com that the property previously traded for $123 million in June 2006, and the owners have since completed a substantial renovation program.

Leon and Zander say that the offering price of just under $160,000 per unit represents “great inherent value well below the replacement cost.” The property consists of four buildings on over 23 acres constructed between 1968 and 1972 with access from Tustin East Drive, El Camino Real and San Juan Street, immediately north of Interstate 5.