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by CareyBot

The Villas at Tustin Apartments in Tustin, Calif., recently sold to an out-of-state investor for a price of $74.3 million. Chicago-based Waterton Associates purchased the 406-unit property from San Mateo, Calif.-based Acacia Capital Corp. Built in 1971, this property is just minutes from the 806-acre Platinum Triangle redevelopment area, which is entitled for 7 million square feet of office and retail and is expected to bring 26,000 new jobs to the submarket, according to a press statement. The buyer plans "interior renovation" and "exterior upgrades" in an attempt to increase its operating income. Joe Leon of Hendricks & Partners, the brokerage that handled the deal, said in a statement, "Washer and dryer appliances, alone, could add as much as $75 per unit per month in new ...