Terms of the sale were not disclosed, but industry sources saythe property was on the market for a price above $50 million andbelieve it sold for approximately that price, or more than $232,000per unit. The buyer acquired it from Connecticut General LifeInsurance Co.

"You could not reproduce this property again because the zoninghas been changed since it was built," Russell tells GlobeSt.com.Russell, who represented both the buyer and the seller, says thisis the only apartment complex overlooking the ocean in PalosVerdes, in an area where vacant lots are priced at $1 million andhomes of $2 million to $10 million are commonplace. The nearbyformer Marineland site is slated for a hotel and resortdevelopment.

The apartment complex, which was 94% occupied at the time of thesale, was built in the 1970s and was fully renovated by the sellerfrom 1999 to 2001. Renovations included a new roof and newinteriors for all of the units, plus improvements to the commonareas.

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