A New York real estate investor recently purchased a 586-unit apartment portfolio in California. For $100 million, Clarion Partners purchased the Village on the Green in Rancho Cucamonga, Buena Vida at Town Center in Rancho Santa Margarita, and the Oak View at Sonoma Hills in Sonoma County.
A director with Clarion Partners said that they were interested in the portfolio because they were looking to target the retired community. The investment manager says that real estate designed for retirees is “one of the strongest segments of demand within the current real estate market.”
The purchased properties were described as maintenance-free and offering easy access to leisure activities. In addition, the apartments all have occupancy rates of 95 percent or higher.
If you or someone you know has questions about real estate transactions, contact the Orange County real estate lawyers of Daily Aljian at 949-861-2524 to learn more today.