ANAHEIM, CA-Essex Property Trust of Palo Alto has acquired the 250-unit Anavia luxury rental complex from a wholly-owned subsidiary of KB Home in the Palo Alto-based REIT's third acquisition of a condo-quality complex in Orange County this year. The sale, terms of which were not disclosed, was brokered by president Mary Ann King and director Tom Moran Jr. of the Irvine office of Chicago-based Moran.

Anavia, which had its first move-ins in November 2009, is a class A complex at a high-profile location across the street from Angel Stadium of Anaheim. The 250 units are located in a single, four-story, elevator-served building situated atop a two-level parking structure, with one level below grade and one at grade.

Tom Moran Jr. noted that the deal is Moran & Co's third major sale in the immediate submarket in the past 45 days totaling 1,536 units. The others wee the sale of the 402-unit Crystal View apartments and the 884-unit Gateway Apartments. Moran & Co. has now sold five properties in this submarket totaling 2,094 units.

Jeff Rowerdink, first vice president for Essex, said: "This unique transaction afforded us the opportunity to acquire a condominium-quality property in a desirable location that was priced well below replacement cost.” The other two Essex acquisitions of condo-quality buildings in the county this year were the 115-unit DuPont Lofts in Irvine that it bought from Cathay Bank for $27 million and Skyline at Macarthur Place, a 349-unit high-rise condominium project in Santa Ana that it bought for $128 million in a joint venture.

Anavia units range from one to three bedrooms and average 1,249 square feet. Each apartment includes an upgraded appliance package, granite countertops, designer cherry-look cabinetry, and a stackable full-size washer and dryer. The complex also features 10,000-square-foot amenity space, including a resort-style pool with cabanas, flat-screen TV’s, a fitness center, an oversized club room and a courtyard with a fireplace and barbecues.