Courtesy of Sequoia
A Bay Area investment firm that owns an Aliso Viejo apartment complex announced that it has purchased a “sister property” for $75 million.
The 443,000-square-foot Alize Apartments — located right off the San Joaquin Hills (73) toll road — consists of 484 luxury units in 11 three-story buildings, the company said.
The buyer, Sequoia Equities Inc. of Walnut Creek has owned the Alicante Apartments on Aliso Creek Road since 2003, so the firm believes it knows the local rental market, said company CEO Mark Carter. He added:
“The opportunity to purchase the Alize property is an outstanding investment and will be a valuable addition to our portfolio of luxury coastal properties.”
The deal includes financing of an undisclosed amount from Fannie Mae, the company said, plus an infusion of $17.3 million from equity partners. Sequoia Equities will manage the project. The company, based in the East San Francisco Bay Area, claims to be one of the largest privately owned apartment investors in the state. Sequoia owns more than 9,000 units and values its assets at $1.6 billion.
Read more apartment news …
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I hope they know that rents are down and vacancy is up.
Actually 169 a square foot is reasonable.