628-Unit Creekside Meadows Apartments Trades

TUSTIN, CA-Creekside Meadows Development LLC has sold the 628-unit Creekside Meadows apartment complex at 13802-13881 Tustin East Dr., according to brokers from Hendricks & Partners who were the listing agents on the sale. The sales price and the buyer were not disclosed, but the complex was on the market at an asking price of $100 million, according to a previous GlobeSt.com report. Research by GlobeSt.com shows that the complex now appears on the web site of apartment REIT AvalonBay on a list of its properties.

Listing brokers Joe Leon and Dean Zander of Hendricks & Partners report that they conducted more than 40 property tours that generated 15 qualified offers from both private and institutional investors, “many of whom were attracted to the excellent location and size of this investment,” they say. The class B property is the largest apartment complex in Tustin and is situated on 23.5 acres on five separate parcels of land. Over the past five years the previous owner completed extensive exterior and interior renovation programs, the Hendricks brokers note.