GlobeSt.com first reported in August that Prudential had found a buyer for the upscale development who had agreed to pay about $90 million. The $160,000-per-unit price easily surpasses the county's previous record of about $145,000 per unit.
The complex, with 563-units, was built in 1990 near the intersection of Jamboree Road and the San Diego Freeway. It is one of the few properties in Irvine and Newport Beach not owned by The Irvine Co. Average rent at the complex is $1,360 a month.
"This is one of the only multifamily rental complexes in Orange County within walking distance of a central business district," says Alan George, EVP of acquisitions at Equity Residential. "We think this is going to be a tremendous long-term asset."
Raymond Eldridge and Joseph Leon of CB Richard Ellis' Newport Beach office represented Prudential Realty Group in the transaction. Equity Residential owns 1,000 apartment complexes in 35 states.
IRVINE, CA-Equity Residential pays a record $160,000 per unit for the Toscana Apartments owned by Prudential Realty Group.
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