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5/02/17
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California Landmark Group (CLG) has acquired The Windmill Apartments, a 186-unit multifamily property in Westminster. The entire property is encumbered by a ground lease with approximately 29 years remaining on the term, with no options to extend. CLG purchased the leasehold interest for $17.2 mil, or $92.5k/unit.
The property, built in 1973, is situated on 8.6 acres at 15400 Belgrade St, south of the 22 Fwy and east of I-405. It consists of 22 separate buildings and includes a large community center, pool and spa, two tennis courts, ample parking, and multiple community barbeque locations. The property is walking distance to the Little Saigon neighborhood of Westminster, which includes a multitude of shopping and dining options.
Peter Gillin and Ken Morgan of Morgan Skenderian represented both the buyer and the seller in the transaction, which was completed within 45 days of executing the purchase agreement.
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