Bay Area Firm Buys Costa Mesa Complex
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BRE Properties Inc., a San Francisco-based real-estate investment trust, purchased Adams Place, a 272-unit apartment building in Costa Mesa from AF Residential LLC of Visalia for $23.3 million.
BRE plans to immediately raise rents, which range from $875 to $1,250 a month for two- and three-bedroom units, by 5% to 10%. The company also is planning a $4-million renovation for the 25-year-old building on Adams Avenue. The complex is more than 99% occupied.
BRE, which develops and manages more than 8,000 units in Southern California, also has a complex under construction in Santa Ana.
The 346-unit luxury building, located near John Wayne Airport, is scheduled to open next year, said E. Garth Erdossy, BRE’s managing director of Southern California.
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