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| The Landing at Long Beach, CA |
IRVINE, CA (Jan. 2, 2013) – Western National Realty
Advisors, an affiliate of Western National Group has announced the $46 million
acquisition of a 206-unit apartment community in Long Beach, Calif., and named
it The Landing at Long Beach.
The acquisition was made through its Western National Realty
Fund II, L.P. (“Fund II”), the firm’s second private equity fund. The property is currently at 98 percent
occupancy.
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| Jerry LaPointe |
“This acquisition fits well into Western National’s existing
portfolio due to its excellent fundamentals and its ability to attract both
students and professionals based on its modern amenities and proximity to a
California State University, Long Beach, the 405 Freeway, and multiple
employment centers in the Long Beach and Los Angeles metro area,” said Jerry
LaPointe, Vice President of Western National Realty Advisors.
“In this particular transaction, we found that the seller’s
representative, Greg Campbell, Group Vice President of Archstone, was a key to
ensuring the acquisition process was smooth and seamless,” La Pointe noted.
“Western National is already active in the Long Beach market
as owner and manager of the nearby Pacific View Apartments, a longtime asset
and strong performer in the Western National portfolio. We are pleased to have found another
opportunity in this same strong rental market,” La Pointe added.
The acquisition is the sixth acquisition in Western National’s
Fund II. Fund II also contains five
development projects to date.
For a complete copy
of the company’s news release, please contact:
Corynne Randel / Jenn Quader
Brower, Miller & Cole
(949) 955-7940
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