Club Laguna Complex Sold: The 421-unit Club...
Club Laguna Complex Sold: The 421-unit Club Laguna apartment complex was sold Thursday to a Chicago real estate concern that paid $25 million--substantially below what it cost to build.
Amli Realty Co. of Chicago bought the Laguna Beach apartments from Jennings Operations (USA) Inc., an Australian home-building company.
The complex was built five years ago. While the exact price at the time could not be determined, Allan Sweet, president of the Amli Institutional Advisors division, said that the debt on the project alone at one point exceeded $35 million.
“We believe California is a great opportunity to buy in. We are actively looking to buy more properties in the Orange County and San Diego markets,” he said.
