Tuesday, December 18, 2012

Western National Announces $42,2 Million Acquisition of 312-Unit Apartment Community in Corona, CA


  
Parcwood Apartments, Corona, CA
 IRVINE, CA – Western National Realty Advisors, an affiliate of Western National Group has announced the $42.2 million acquisition Parcwood Apartments, a 312-unit apartment community in Corona, Calif.

“The acquisition of Parcwood fits well with our business plan to expand our ownership presence in Southern California," notes Jerry LaPointe, Vice President of Western National Realty Advisors. 

"We have been aggressively seeking acquisition opportunities in strong submarkets that have the best outlook for recovery,” 

Jerry LaPointe
“Parcwood’s close proximity to Orange County and other employment hubs, which reduces commuting time for residents, will allow it to  compete very well as the area’s economic fundamentals continue to improve.”

“Parcwood is a best-in-class asset based on its low density, manicured landscaping and resort style amenities.  The property is currently 96 percent leased and is located in close proximity to three major freeways,” LaPointe adds.

Joe Leon
Parcwood will be managed by Western National Property Management.  The seller was represented by Joe Leon and Javier Rivera of Jones Lang LaSalle.  Western National represented itself in the acquisition.

Parcwood offers one- and two-bedroom floor plans, with units up to 1,250 square feet.  Amenities include dishwashers, air conditioning, community pool, theater, tennis courts, playground, and washers and dryers in selected units,” he added.

Javier Rivera
Western National will be are upgrading the common area facilities, including the clubhouse, theater, pool area, and gym to refresh the property and keep it current.

Western National Group is a 45-year-old, fully integrated multifamily acquisition, development, construction and property management firm headquartered in Irvine, Calif. 

For a complete copy of the company’s news release, please contact:

Corynne Randel or Jenn Quader
(949) 955-7940

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