LOS ANGELES, CA - TruAmerica Multifamily and an affiliate of Berkshire Group have acquired Career Lofts, a newly constructed 142-unit Class A apartment community in Laguna Niguel, CA in an off-market transaction.
“The purchase of this well-appointed, class A asset represents a truly unique opportunity given the high-income, underserved submarket of South Orange County,” said Greg Campbell, TruAmerica Senior Managing Director of Acquisitions. “Class A assets, especially of this quality, are not often available and are particularly rare in the region. Very little product has been delivered south of Irvine in the last couple of decades, which has created pent-up demand for Class A product in cities like Laguna Niguel,” he said.
Developed by United American Properties, Career Lofts, which TruAmerica will rebrand as Skye at Laguna Niguel, is only the second institutional grade multifamily project to be constructed in the submarket in more than 20 years. Skye is located at 28100 Cabot Road along California State Route 73. It features a mix of one- and two-bedroom floor plans, resort-style swimming pool and spa, rooftop lounge and fitness center, and business center with conference facilities.
One of the most active buyers of multifamily assets in the United States, TruAmerica invests in high quality amenity rich Class A properties in neighborhoods where homeownership is unaffordable as well as Class B properties that can be renovated to create higher quality and affordable rental units for working class families and young professionals.
“Berkshire is pleased to expand its presence in Southern California and is actively pursuing additional opportunities to grow in the region. Residents at Skye have an easy commute to the heart of the robust Orange County employment engine in the greater Irvine/Newport Beach area at a more manageable boutique scale than what is typically found in most larger multifamily complexes in the region,” noted Eric Schrumpf, Senior Vice President, Multifamily Acquisitions, Berkshire Group. “The intimate size of the project, extraordinary amenity package and proximity to desirable retail and regional transit options should ensure that Skye will be a popular choice for renters starved for high quality product.”
Principal Steve Fried and Associate Seth Hall of Mesa West Capital assisted with the financing. “Skye at Laguna Niguel gave us an excellent opportunity to finance a beautiful Class A multifamily product in a core market for a very active sponsor in TruAmerica,” said Hall.