Raymond Eldridge, who's handling the sale with colleague Joseph Leon in CB's Newport Beach office, says the $160,000-per-unit price will easily eclipse the county's previous record of about $145,000 per unit. Eldridge won't identify the buyer, but says the deal is already in escrow and should close sometime next month.
The record price reflects the hot market for Orange County rentals. Strong employment growth, coupled with little new multifamily construction, has sent the county's overall vacancy factor below 2%.
Toscana units rent for about $1,400 a month and the development is nearly full, Eldridge says. The complex is near the Jamboree offramp of the San Diego Freeway.
The previous per-unit sales record was set about two years, when The Lakes in Costa Mesa sold for about $145,000 per unit.
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