Western National Buys Corona Apartments for $42M
- Dec 28, 2012
Corona, Calif.—Western National Realty Advisors, an affiliate of Western National Group, has acquired Parcwood Apartments, a 312-unit apartment complex in Corona in Riverside County, near the border with Orange County. The company paid $42.2 million for the property.
Parcwood offers one- and two-bedroom floor plans, with units up to 1,250 square feet. Amenities include a pool, theater, tennis courts, playground, and washers and dryers in some units. The property is currently 96 percent occupied.
Western National says it will be upgrading the property’s common-area amenities. Going forward, Parcwood will be managed by Western National Property Management.
“Parcwood’s close proximity to Orange County and other employment hubs, which reduces commuting time for residents, will allow it to compete as the area’s economic fundamentals continue to improve,” explains Western National vice president Jerry LaPointe. Corona has seen significant growth in recent years, despite the recession. Between 2000 and 2010, according to the Census Bureau, its population grew from about 125,000 to 153,000.
The seller was represented by Joe Leon and Javier Rivera of Jones Lang LaSalle. Western National represented itself in the acquisition, and LaPointe says that the company is looking for more multifamily acquisitions in southern California submarkets.