May 8, 2017
Westwood, CA-based California Landmark Group (CLG) acquired The Windmill Apartments, a 186-unit community in Westminster, CA. The property is comprised of 22 separate buildings, and is CLG’s first acquisition in Orange County.
The entire property, located at 15400 Belgrade St., is encumbered by a ground lease that has roughly 29 years remaining on the term, with no options to extend. CLG purchased the leasehold interest for $17.2 million from an undisclosed private seller.
The Windmill Apartments, situated on 8.6 acres, was constructed in 1973. Property amenities include a large community center, pool and spa, two tennis courts, ample parking, and multiple community barbecue locations.
Morgan Skenderian’s Peter Gillin and Ken Morgan represented both buyer and seller.
For comments, questions or concerns, please contact Dennis Kaiser