ASB Real Estate Investments has partnered with TruAmerica Multifamily to buy a 251-unit apartment complex in California from Shea Apartments for $85.8m (€73.7m).

The partners acquired the Orange County asset known as Corte Bella Apartments located just off I-405, 35 miles south of downtown Los Angeles.

ASB made the investment on behalf of its $7bn core investment vehicle Allegiance Real Estate Fund.

The property is 97% leased. Situated on 12 acres, the complex has 33 two-story residential buildings, featuring one- and two-bedroom units, dedicated individual unit garages, and access to secluded courtyards and seven swimming pools.

Aaron Duncan, ASB senior vice president, said: “Working with TruAmerica we plan to upgrade units and take advantage of the property’s unique amenities to maintain high occupancies and solidify rent levels in one of the country’s most favourable and desirable multifamily investment markets.”

TruAmerica director Zach Rivas, said: “Fountain Valley is a highly desirable, centrally located Orange County submarket, with a severe shortage of modern rental housing, making Corte Bella a compelling investment opportunity.

”The vast majority of Fountain Valley’s 4,200 multifamily units were built prior to 1980, and due to high barriers to entry, there is very little new product in the pipeline.”