This article originally appeared in The Orange County Register.
December 02, 2022
Arnel & Affiliates in Costa Mesa firm buys Texas apartment complex
Newport Beach-based Buchanan Street Partners had advised Costa Mesa-based Arnel & Affiliates in its acquisition of a 354-unit apartment complex in McKinney, Texas.
The property, completed in 2021, was sold by JPI in Irving, Texas. Terms of the transaction were not disclosed.
Jefferson Terrace has 209 one-bedroom, 115 two-bedroom, and 30 three-bedroom units. The property was 94 percent occupied at the time of sale, according to Buchanan Street Partners.
Amenities at the community include a clubhouse and resident lounge, game room, swimming pool, dog park, putting green, fitness center with yoga room and spin studio, and an outdoor grilling area.
“Jefferson Terrace represents an exceptional, long-term investment opportunity to acquire Class A apartment units with resort-style amenities and a stabilized occupancy, located near major employment centers in a submarket with strong fundamentals and long-term forecasted growth,” said Kevin Hampton, executive vice president of Buchanan Street Partners, in a statement.
Arnel & Affiliates, a privately-held real estate and investment company, owns more than a dozen apartment communities in Orange County including Alicia Plaza in Laguna Hills, Cinnamon Ridge in Fullerton and South Pointe in Costa Mesa.