SoCal’s Villas at Tustin sell

Midwest entity named as buyer

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 net operating income and the buyer plans to incorporate this amenity into their finished product over the next couple of years." The sales price represents a price of $183,004 per unit. ...