Companies buy three Costa Mesa apartment buildings

COSTA MESA — Aliso Viejo-based companies CT Realty Investors and WLCM announced last week the $10-million purchase of three apartment communities, according to a news release.

The three Costa Mesa properties have a total of 55 units. They are located within one mile from one another at 324 Victoria St., 2151 Orange Ave. and 2290 College Ave., according to the release.

The partners aim to acquire 300 to 400 apartments in the Costa Mesa submarket this year with the goal of “aggregating clusters of smaller apartment projects in coastal communities,” according to the release.

The partners will also look at other coastal submarkets for potential acquisitions. The newly acquired properties will be renovated, repositioned and managed by WLCM.

—Sarah Peters