ORANGE COUNTY, CALIF. — The Northwestern Mutual Life Insurance Co. has completed the disposition of three multifamily properties located in Orange County. The properties, which total 1,368 units, sold for a total consideration of $201 million. In the first transaction, Newport Beach, Calif.-based Pacific Coast Management acquired Aventine @ Aliso Viejo, a 386-unit luxury apartment community located at 22501 Chase in Aliso Viejo, Calif., for $56.2 million. In the second transaction, Walnut Creek, Calif.-based Sequoia Equities has purchased Alize @ Aliso Viejo, a 484-unit rental property located at 2 Enterprise St. in Aliso Viejo, for $75 million. In the third transaction, Newport Beach-based Stoneridge Capital Partners acquired Avila @ Rancho Santa Margarita, a 498-unit community located at 22751 El Prado Ave. in Rancho Santa Margarita, Calif., for $70 million. Joe Leon and Dean Zander of Hendricks & Partners, along with Ray Eldridge and Kevin Mulhern of CB Richard Ellis, brokered the transactions.
THREE APARTMENT COMMUNITIES SELL FOR $201 MILLION