DEAL IN PROFILE
Deals Hint at Renewed
Investor Interest
By John McCloud
IN A SET OF TRANSACTIONS ITS BROKERS BELIEVE WILL FINALLY
provide the market definition investors are seeking, Northwestern Mutual Life
Insurance Co. has recently sold three class A apartment complexes in Alisa
Viejo and Rancho Santa Margarita, CA for more than $200 million. Located in
Orange County, the assets sold at a sub-7% cap rate to private buyers.
The properties include the 386-unit Aventine at Aliso Viejo, which sold to
Pacific Coast Management of Newport Beach, CA for $56.25 million; 484-unit
Alize at Aliso Viejo, which sold to Sequoia Equities of Walnut Creek, CA for
$75 million; and 498-unit Avila at Rancho Santa Margarita, which sold to
Stoneridge Capital Partners of Newport Beach for $70 million.
The seller was represented in all three deals by Joe Leon and Dean Zander, partners at Hendricks & Partners, and Raymond Eldridge and Kevin Mulhern, SVPs at
CB Richard Ellis. According to Leon, Northwestern Mutual decided to sell the properties, which it had owned since they were completed in the late 1990s, to shore up
The 484-unit Alize at Aliso Viejo sold to Sequoia Equities of Walnut Creek, CA for $75 million.
18 REAL ESTATE FORUM MAY/JUNE 2009
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