SoCal apartments slated for conversion

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.

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