Property Owners React to Building Demand

Others are hopping on board the apartment express.

A New Mexico real estate investment trust and a Southern California builder have teamed up to acquire nearly 20 acres in Mission Viejo for a big luxury apartment complex.

Security Capital Pacific Trust of Santa Fe and Fairfield Residential Inc. of San Diego paid $8.9 million for the property at the corner of Oso and Antonio parkways. Plans call for a 504-unit apartment development.

Fairfield is also active in Aliso Viejo, where it is building a 386-unit luxury apartment complex in partnership with Northwestern Mutual Life Insurance Co.

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John O’Dell can be reached at (714) 966-5831 and at john.odell@latimes.com