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A Miami-based real estate developer is the new owner of a two-building, 350-unit apartment complex in Santa Ana’s South Coast Metro market, paying $240 million for the property.
San Mateo-based Essex Property Trust Inc. sold its interest in the 512,791-square-foot Skyline at MacArthur Place for nearly $685,000 per unit to Crescent Heights on April 2, according to CoStar data.
The sales price works out to $467.25 per square foot.
Essex Property Trust separately sold an apartment building in Rancho Palos Verdes for $127 million to Bascom Group, as reported by the Business Journal in February.
Skyline is located at 15 MacArthur Place, near the intersection of the 405 and 55 freeways.
Read the April 14 issue for additional details.