California Landmark Group has acquired The Windmill Apartments, a 186-unit community located in Westminster, Calif. The property is encumbered by a ground lease with approximately 29 years remaining on the term, with no options to extend. The asset traded for $17.2 million, or $92,473 per unit.
Ken Morgan, partner & founder of Morgan Skenderian, and Peter Gillin, associate of the company, represented both California Landmark Group and the seller, a Riverdale-based private owner, in the transaction that completed within 45 days of executing the purchase agreement.