SANTA ANA, CA-Pacific Property Co., a Palo Alto-based investment group, has acquired the 406-unit Applewood Apartments complex for $36.5 million.

Located at 2414 N. Tustin Ave. in Santa Ana, the 36-building complex was 95% occupied at the time of sale. The seller was Pacific Gulf Properties, a Newport Beach-based real estate investment trust that is in the process of selling off its multifamily and industrial property portfolios.

According to the brokers on the deal, more than 20 offers were received on this property, establishing what they referred to as a “high watermark price point” for Class B apartment communities in central Orange County.

Brokers with Grubb & Ellis’ downtown Los Angeles and Anaheim offices represented both the buyer and the seller in the transaction.

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