Greenwood & McKenzie Facilitated the Acquisition of a 116-Unit Multifamily Property in Tustin, California on behalf of Private Investor Patrick F. Cadigan

TUSTIN, Calif., Feb. 27, 2020 /PRNewswire/ -- Greenwood & McKenzie, a privately held real estate investment and asset management firm, announced today that it has facilitated the acquisition of Terra at Tustin, a 116-unit multifamily property located in Tustin, California, on behalf of private investor Patrick F. Cadigan.

Financing was provided by Capital One Multifamily Finance. Greenwood & McKenzie will manage the property on behalf of the investor.

"Terra at Tustin is a high-quality multifamily community that has recently received nearly $1 million in upgrades to its units and common areas," said Greenwood & McKenzie General Partner Jim McKenzie. "We believe this property is well-positioned to attract a strong resident base of highly educated, high-income tenants."

Situated on 4.72 acres with 92,760 of rentable space, this two-story, gated community was built in 1969. Terra at Tustin consists of one- and two-bedroom units with private patios and balconies, full appliance packages, carpeting and laminate wood flooring. Its common area amenities include a swimming pool, dog park, barbecue area, outdoor fire pit, fitness center, leasing office with attached recreation room, on-site laundry (in-unit laundry for two-bedroom units), plus ample open, carport, and garage parking.

Terra at Tustin is situated within one-half mile of Interstate 5 and State Route 55, providing residents with convenient access to major employment hubs throughout Orange, Los Angeles and Riverside counties. It is surrounded by prime commercial, industrial, and residential development. With an average household income of $114,150 (projected to grow by 14.90 percent to $131,160 by 2023), Tustin is home to several major employers, including Rockwell Collins, Ricoh, Costco, and GE Power Electronics.

Terra is just one mile north of The District at Tustin Legacy, a one-million-square-foot, open-air lifestyle and entertainment shopping center located on the northwest corner of Jamboree Road and Barranca Parkway.

As a result of continued demand in the Tustin submarket, Marcus & Millichap Research Services and RealPage, Inc. project average rent growth of 3.25% through 2023, while occupancy levels are estimated to average 96% over the same period.

About Greenwood & McKenzie

Greenwood & McKenzie is a privately held real estate investment and asset management firm that focuses primarily on the acquisition, financing, management and sale or exchange of real estate investment properties on behalf of investors.  The firm acquires and manages commercial properties for investors who prefer sole ownership of real estate and forms private syndications tailored to the needs of small investor groups. For more than 50 years, the company has focused on creating value for its partners and tenants. Greenwood & McKenzie's current portfolio of assets under management exceeds 4.5 million square feet of space with an approximate value of $1.2 billion. For more information, please visit www.greenwoodandmckenzie.com.

SOURCE Greenwood & McKenzie