The sale is one two apartment deals to close recently that rank among the largest ever in Los Angeles County, both of them brokered by the Costa Mesa office of Chicago-based Moran & Co.

Mary Ann King, who brokered the Versailles sale along with partner Scott Davis, says the property attracted "avid investor interest" because of its location in a topnotch rental market. She notes that the Woodland Hills market has averaged 6.1% growth per year during each of the past five years, with vacancy rates averaging only 2.9% during the same period. The Versailles property, at 23100 Avenue San Luis, was 97% occupied at the time of the sale. The sellers were a venture including San Francisco-based SSR and Calpers. Buyer Equity Residential, based in Chicago, is one of the largest apartment REITs in the country.

The Versailles is located just south of the Ventura Freeway in an area that is known for attractive residential neighborhoods, easy access to employment centers, and proximity to shopping at Warner Center. It was built in two phases, the second of which was completed in 1993.

According to King, the fact that the Versailles is one of the few apartment communities in the area to be built since 1990 added to its investment appeal. Seller SSR had owned it since 1999, when it acquired it in a deal also brokered by Moran & Co. The complex consists of two three-story, elevator-served buildings on nearly 7.8 acres, with community amenities including a club room with game tables, large screen TV and kitchen; two outdoor pools; two spas; two fully equipped fitness centers and saunas; indoor racquetball court; and indoor half basketball court, plus 513 parking spaces. Its 253 units include 78 one-bedroom apartments, 98 two-bedroom units, and 77 three-bedroom units. The one-bedroom units range in size from 604 to 881 sf, the two-bedrooms from 1,036 to 1,180 sf, and the three-bedroom units from 1,234 to 1,305 sf. Rents average $1,466.

The other large apartment transaction to close recently, also brokered by King and Davis, was the $100-million purchase of the 600-unit Malibu Meadows complex. As reported this week on GlobeSt.com, the Denver-based Archstone-Smith REIT acquired the 600-unit property from a Legacy Partners affiliate.