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TUSTIN, CA-Apartment REIT AvalonBay Communities Inc. paid $98.5 million in its recent acquisition of the 628-unit Creekside Meadows apartment complex via a fund in which the REIT has a 31% equity interest. The Arlington, VA-based REIT’s purchase of the Creekside Meadows, reported previously on GlobeSt.com, was made through AvalonBay Value Added Fund II LP, a private, discretionary investment vehicle.

AvalonBay bought the property, which is at 13802-13881 Tustin East Dr., from Creekside Meadows Development LLC in a sale that was brokered by listing agents Joe Leon and Dean Zander of Hendricks & Partners. Leon and Zander reported that they conducted more than 40 property tours that generated 15 qualified offers from both private and institutional investors. The class B property is the largest apartment complex in Tustin and is situated on 23.5 acres on five separate parcels of land.

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