REITs Trade $58.2M Apartment Complex

The property, which was known as Avalon Huntington Beach under its former owner and is now the Huntington Villas, was built in 1972 and fully renovated in 2002 by AvalonBay, the owner since 1997. The complex was 93% occupied at the time of the sale, a deal brokered by the CB Richard Ellis Inc. team of Sean Deasy in the Ontario office and Ray Eldridge and Chris Knowles of in the Newport Beach office.

The property is approximately one mile from the I-405 (San Diego) Freeway and two miles from the Pacific Ocean. It includes 360 two-bedroom and 40 three-bedroom units that range from 820 sf to 1,056 sf and rent for $1,160 to $1,585 per month. The property features private patios and balconies, modern kitchens, mirrored wardrobes, ceiling fans, vertical blinds and walk-in closets.

AvalonBay's other recent deals in Southern California have included the sale of Avalon Westside Terrace, a 363-unit complex in Los Angeles, for $46.7 million. Recent Essex deals here include the REIT's $36.7 million purchase of a three-property, 288-unit portfolio of apartments in San Dimas from CT Realty Corp. of Newport Beach.

AvalonBay owns or holds an ownership interest in 146 apartment properties containing 42,845 units in 11 states and the District of Columbia, of which 10 projects are under construction and two are under reconstruction.

Northern California-based Essex Property Trust Inc. is one of the largest owners of Southern California apartment buildings. It acquires, develops, redevelops, and manages apartment complexes primarily on the West Coast. Essex currently has ownership interests in 117 apartment properties with 24,657 units and has 1,248 units in various stages of development.