Windsor Gardens, a landmark 70-unit multi-family development complex in Tustin, California, has been sold for $14.96 million to a Newport Beach-based private investment partnership, it was announced by the multi-family investment team of Pat Swanson and Brett Bayless of Colliers International’s Irvine office.
Located at 1651 Mitchell Avenue near the confluence of Walnut Boulevard and Interstate 5, the landmark, single-story development is comprised exclusively of two-bedroom units with one-and-one-half bathrooms. The complex originally was built in 1968, then converted into condominiums in 1985, but always been operated as rental units.
“This was a significant deal for a variety of reasons,” said Swanson. “At a price-per-square-foot cost of $191, accompanied with at least 15 percent below market rates, this made for a great value-add play. Those are the investment hallmarks investors in multi-family properties want to see when they are considering a purchase like this.”
LTK Venture 1, an investment partnership based in Newport Beach, California, was the buyer. Seller was the Laughlin Family Partnership, headquartered in Santa Monica, California, according to Swanson.
Windsor Gardens features garden-style, single-story attached residences on a nearly five-acre parcel of land, private patios, and small yards. It also has an underground parking facility, tennis courts, on-site laundry, and underground parking.
“This type of investment asset is a rare find in Orange County’s current multi-family investment environment,” said Swanson. “These types of investments are usually held for a very long time by investors and, when they do become available, as this one did, they usually do not remain on the market for very long. In fact, like this one, many never even make it to market. The key is having the market knowledge to know when they are becoming available and then to identify the most likely investor, as we did here.”