AGOURA HILLS, CA—A private investor purchases a five-unit multifamily property for a record-breaking $466,000 per unit, the highest price ever paid in the Conejo Valley, in a sale that garnered eight offers.

SARASOTA, FL—Construction has begun on the 255-room Westin Sarasota hotel here, part of a two-tower development in the city's arts district that will also include 141 residential condominium units.

JERSEY CITY, NJ— PHMII Associates has named Boston-based Tocci Building Companies builder and construction manager of The Residences at 3 Journal Square.The $55 million project will include ground level retail and amenity space along with 240 upscale apartment homes.

NEWPORT BEACH, CA—Buyers are betting on renovating unstabilized hotels for their potential yield as travel increases and the economy improves, Mission Capital's Gregg Applefield tells GlobeSt.com.