Western National Realty Advisors has acquired La Ramada Apartments, a 193-unit multifamily complex in Anaheim, Calif., for $31 million. The development has been renamed Madera Apartments.
Madera, which is currently 97% leased, will be managed by Western National Property Management. Brokers Sean Deasy and Ryan Fitzpatrick of Holliday Fenoglio Fowler LLC represented the East Coast seller. Western National Realty Advisors, based in Irvine, Calif., represented itself in the acquisition.
“The acquisition of Madera fits well with our business plan to expand our ownership presence in Southern California,” says Jerry LaPointe, vice president of Western National Realty Advisors. “We have been aggressively seeking acquisition opportunities in strong submarkets that have the best outlook for recovery. We believe strongly in Orange County fundamentals, and this acquisition fits our strategic plan.”
Madera underwent a $1.6 million upgrade two years ago, enabling it to maintain a high occupancy rate, adds LaPointe. “In addition to these extensive renovations, our strong operational experience in the market will enhance the community experience for residents, as well as increasing the value of our acquisition.”
Madera offers one- and two-bedroom floor plans, with units up to 1,055 sq. ft. Amenities include dishwashers, air conditioning, community pool and playground, and washer/dryer hook-ups in approximately half of the units. Monthly rents start at $1,010 for a one-bedroom unit and $1,375 for a two-bedroom apartment.
Western National Realty Advisors is one of five separate entities of Western National Group, which acquires, develops, constructs and manages apartment properties. With more than 22,000 units in over 145 apartment communities throughout California, Nevada, and Utah, Western National Property Management is among the largest multifamily property management companies in the Western U.S.