TUSTIN, CA-Laughlin Family Partnership's recentsale of Windsor Gardens, a landmark 70-unitmultifamily complex here, represents a rarevalue-add opportunity for buyer LTK Venture I, aNewport Beach-based private-investment partnership, according tothose involved in the deal. The property sold for $14.9million.
“This was a significant deal for a variety of reasons,” saysColliers International's PatSwanson, who, along with Brett Bayless,brokered the sale. “At a price-per-square-foot cost of $191,accompanied with at least 15%-below-market rates, this made for agreat value-add play. Those are the investment hallmarks investorsin multifamily properties want to see when they are considering apurchase like this.”
Located at 1651 Mitchell Ave., near theintersection of Walnut Blvd. and I-5, the single-story developmentis composed exclusively of two-bedroom units with one-and-one-halfbathrooms. The property features garden-style attached residenceson a nearly five-acre parcel of land, private patios and smallyards. It also has underground parking, tennis courts and on-sitelaundry.
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Carrie Rossenfeld
Carrie Rossenfeld is a reporter for the San Diego and Orange County markets on GlobeSt.com and a contributor to Real Estate Forum. She was a trade-magazine and newsletter editor in New York City before moving to Southern California to become a freelance writer and editor for magazines, books and websites. Rossenfeld has written extensively on topics including commercial real estate, running a medical practice, intellectual-property licensing and giftware. She has edited books about profiting from real estate and has ghostwritten a book about starting a home-based business.
