GlobeSt.com first reported in August that Prudential had found abuyer for the upscale development who had agreed to pay about $90million. The $160,000-per-unit price easily surpasses the county'sprevious record of about $145,000 per unit.
The complex, with 563-units, was built in 1990 near theintersection of Jamboree Road and the San Diego Freeway. It is oneof the few properties in Irvine and Newport Beach not owned by TheIrvine Co. Average rent at the complex is $1,360 a month.
"This is one of the only multifamily rental complexes in OrangeCounty within walking distance of a central business district,"says Alan George, EVP of acquisitions at Equity Residential. "Wethink this is going to be a tremendous long-term asset."
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