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| 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,”
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| 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.
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| 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.
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| 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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