The new owner of Andante Apartments plans interior upgrades, as well as renovations of the clubhouse. The asset has an occupancy rate of 92.5 percent.
California Landmark Group bought the 86-unit property built in 1973 from a private investor. This is the company’s first Orange County acquisition.
The 64-story luxury condominium project scheduled to be completed in 2019, will offer 549 units, 60 percent of them being already sold.
Meridian Capital Group arranged the 10-year fixed-rate loans for the acquisition of two luxury properties encompassing 181 units.
The six communities are located in Haltom City, Mesquite, Garland, Irving, Commerce and Waco.
The 339-unit property was completed in 2016 and features a resort-style pool, fitness facility, clubhouse and business center.
The 288-unit property was acquired with proceeds from a previous sale and a new $16.5 million mortgage loan.