CT Realty Investors and WLCM – both Aliso Viejo-based companies – have partnered on a $10 million acquisition of three apartment communities in Costa Mesa. It's part of the joint venture's larger goal of acquiring smaller multi-family complexes in coastal areas of Southern California.
The partnership seeks to amass between 300 and 400 apartment units in the Costa Mesa submarket this year – a move it hopes to replicate throughout other target areas.
“The Costa Mesa submarket has remained very strong through various market cycles," said Chris Lee, a partner in WLCM. "Our goal is to acquire apartments that require capital improvements and have operating inefficiencies.”
The three newly purchased projects – Beachwood, Orange Elden and College Avenue apartments – are located within one mile of each other and total 55 units. The College Avenue Apartments deal is slated to close by the end of the month, and all three properties are slated to be revamped and managed by WLCM.
“We are a very focused team with a hands-on approach to generating strong cash flow and residual value enhancement through creative and aggressive asset management,” Lee said.
Founded in 1994, CT Realty Investors has acquired nearly 6,000 apartment units and has completed more than 200 deals that exceed $2.5 billion.
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