Investor buys Buena Park apartments

A wealthy Orange County investor has acquired Brookstone Apartment Homes in Buena Park for $38 million.

Patrick Cadigan, the former chief executive of Electronic Engineering Co. of California, bought the 184-unit community at 7400 Artesia Blvd. from L&B Realty Advisors, a Dallas-based investment firm with real estate holdings across the country.

Built in 1977, Brookstone consists of 112 one-bedroom and 72 two-bedroom units across 17 two-story buildings. The property features a pool and spa, a fitness center and covered parking.

Carl Greenwood, general partner of real estate investment firm Greenwood & McKenzie, said Cadigan liked the quality of the recently renovated complex.

“There’s a shortage of supply of good apartment complexes for sale,” he said.

Cadigan, who made headlines last year when he pledged to donate $27 million to a pair of schools in Boston, is one of the county’s largest real estate investors. He owns nearly 1,800 apartment units across 11 complexes, including Amberway Apartments in Anaheim.

Greenwood and partner Jim McKenzie represented Cadigan in the Brookstone deal. Shane Shafer, Dean Zander and Vince Norris, of Hendricks-Berkadia, represented the seller.

Hotel buyer weighs Fullerton property

A Marriott hotel adjacent to Cal State Fullerton has traded hands as part of a three-property deal.

LA Sky Harbor LLC paid an undisclosed amount for the 224-unit hotel, at 2071 E. Nutwood Ave. in Fullerton, and two other Marriott hotels in Atlanta and Detroit.

ASAP International Holdings, which helps Chinese companies and individuals invest in Western countries, acted as an adviser to LA Sky Harbor. In March, ASAP arranged LA Sky Harbor’s purchase of the DoubleTree by Hilton San Pedro.

Daniel Peek, Bill Stadler, John Bourret, Max Comess and Cyrus Vazifdar, of HFF Inc., represented the seller, an affiliate of Norwalk, Conn.-based HEI Hotels & Resorts.

Foreclosed Laguna restaurant sold

A Chinese investor has acquired a Laguna Beach property that formerly housed popular sushi restaurant Mosun and the Club M nightclub.

Enshan Zhao paid nearly $3.5 million for the 8,022-square-foot building at 680 S. Coast Highway, which had been vacant for two years after the property fell into foreclosure. The buyer plans to open a restaurant.

Built in 1940, the two-story property had been home to a series of clubs over the years before Mosun opened in 2001.

But after a change in ownership and subsequent money disputes between the landlord and tenant, lender American Continental Bank repossessed the property in 2011.

Ryan Harman, senior vice president of brokerage Lee & Associates, said the owners wanted to sell the property quickly before it lost a conditional use permit that allowed for late-night liquor service.

“There are very few businesses (in Laguna Beach) that can do food and alcohol service past midnight,” he said.

Harman and colleague Phil Cohen represented the seller. Charles Lee of Dynasty Enterprise Group Inc. represented the buyer.

Irvine firm acquires apartment complexes

Steadfast Income REIT, an Irvine-based real estate investment firm, has acquired three apartment complexes outside California for nearly $97 million.

The firm bought Watermark at Indian Lake Village, a 206-unit property that opened earlier this year in Nashville. The complex, which is 92 percent occupied, will be renamed Cantare at Indian Lake Village.

Steadfast also purchased two apartment communities in Texas: Broadstone Ashwood, a 336-unit complex near Dallas, and the Heights Apartments, a 504-unit property in the Houston area.

Steadfast, which invests primarily in multifamily properties across the Midwest and South, has acquired $1.1 billion of assets in 11 states.

UnitedHealthcare’s Cypress office sold

Investors have acquired the Cypress office building that houses the regional headquarters for UnitedHealthcare Services Inc.

New York-based American Realty Capital Healthcare Trust Inc. paid $122 million for a four-property portfolio, including $69 million for the five-story, 210,000-square-foot building at 5701 Katella Ave.

Built in 1983, the office building is fully occupied until 2017 by UnitedHealthcare, a subsidiary of Minnetonka, Minn.-based health care giant UnitedHealth Group Inc.

American Realty Capital also acquired properties in Wisconsin and Indiana occupied by UnitedHealthcare.

Contact the writer: 714-796-7922 or rclough@ocregister.com