(EDITOR’S NOTE: According to industry reports, IMT Residential acquired the property for $153 million, or approximately $439,655 per unit.)
IRVINE, Calif. –– Berkadia Institutional Solutions announced today the sale of Broadstone Cavora, a 348-unit coastal apartment community in Laguna Niguel, California. Managing Director Derrek Ostrzyzek, and Senior Managing Directors Rachel Parsons and Tom Moran of Berkadia Irvine completed the brokered sale to a California based investor. The deal closed on August 29.
Located at 26033 Cape Drive, Broadstone Cavora offers spacious, well-designed floor plans averaging 890 square feet and feature walk-in closets, private patios, and in-unit washer and dryers. Common area amenities include a resident clubhouse, resort-style pool area, multi-level fitness center, rooftop sun terrace, cinema screening and game room, and a leisure lawn.
“Broadstone Cavora represents a rare opportunity to acquire a core trophy asset in the highly coveted south Orange County coastal market of Laguna Niguel. Broadstone Cavora checks all the boxes for investors,” said Ostrzyzek. “The property features best-in-class amenities and provides residents with immediate access to beaches, freeways, and the best private and public schools in all of southern California.
Broadstone Cavora is located just off Interstate 5 and is within walking distance to over 2 million square feet of retail. The property is also in close proximity to job centers throughout Orange County, which has one of the strongest job markets in California. South County has become the fastest growing office market in the region, with over 36 million square feet of office space.
