
230-Unit Mission Viejo MF Community Goes for $83M
Acacia Capital acquired the Madrid, a 230-unit luxury rental community in Mission Viejo, CA from San Mateo, CA-based Essex Property Trust for roughly $83 million. Located at 28401 Los Alisos in Mission Viejo, Madrid Apartment Homes features an upgraded clubhouse, swimming pool and spa with BBQ area, and modern fitness center.
CBRE’s Stewart I. Weston, John Montakab, Kevin Mulhern, and Rachel Parsons represented the seller. CBRE also represented the San Mateo-based buyer, an undisclosed national real investment company. Financing for the deal was provided by CBRE’s Troy Tegeler and Trevor Breaux.
“For assets such as Madrid that offer an investor a compelling investment opportunity, sellers can achieve attractive pricing with very little friction” said Weston. “At the same time, the buyer has an opportunity to benefit from making a strategic move in repositioning the property.”
For comments, questions or concerns, please contact Dennis Kaiser
- ◦Sale/Acquisition