SoCal apartments slated for conversion

Buyer wants to redevelop site into condos

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Hendricks & Partners negotiated the sale of The Cottages, a 65-unit apartment community in Tustin, Calif. The value of the transaction was $15.1 million. Laguna Beach, Calif.-based The Cottages Apartments LLC sold the property, located at 1361 El Camino Real, to an offshore investor with a local development company. The buyer plans to redevelop the site into approximately 110-120 condominiums. Hendricks & Partners is a national advisory firm focused exclusively on the sale of multifamily properties. *** What's your opinion? Send your Letter to the Editor to newsroom@inman.com....