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9/10/15
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Eaves Los Alisos, a 140-home apartment community in Lake Forest, was purchased by Patrick Cadigan Trust for $39.5 mil ($282k/unit). With this latest buy, the Cadigan portfolio now encompasses 13 Orange County apartment properties totaling 2,070 units.
Originally developed in 1978, the property is located at 23251 Los Alisos Blvd, east of I-5 and Jeronimo Rd. The community consists of one- and two-bedroom floorplans averaging 903 sf, with a total of 126.5k sf of space. It features 15 two-story residential buildings, a stand-alone leasing office, a resort-style pool and spa, fitness center, tennis and sport court, and a clubhouse.
The property is walkable to numerous retail and restaurant amenities. It is also proximate to the Irvine Spectrum, the Arbor at El Toro and the Shops at Mission Viejo. Nearby recreational amenities include the brand new 86-acre Lake Forest Sports Park, numerous hiking and biking trails, and the 1,347-acre Great Park.
The convenient infill location offers proximity to Interstates 5 and 405, as well as the Foothill (241) and Eastern (262) toll roads, providing access to major employment centers and world-class entertainment venues throughout Orange, Los Angeles and San Diego Counties.
The buyer was repped by Carl Greenwood and Jim McKenzie of Greenwood & McKenzie. Ray Eldridge, Bob Patterson, and Michelle Jefcoat of CBRE represented the unnamed seller. The buyer was repped by Carl Greenwood and Jim McKenzie of Greenwood & McKenzie.
“The property is distinguished by its strategic infill location and exceptionally low density of fifteen units per acre,” said Eldridge. “As apartment demand in Orange County continues to outpace new supply, owners of existing apartment communities are well-positioned to benefit from long-term rental growth.”
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