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Equity Closes Record Apartment Deal

ORANGE COUNTY, CA-Equity Residential Properties has completed its $90-million purchase of Toscana Apartments in Irvine. The $160,000 per-unit price is a county record.

By Joel Cone | Updated on December 27, 2000

ORANGE COUNTY, CA-Equity Residential Properties has completed its record-breaking $90-million purchase of Prudential Realty Group’s Toscana Apartments complex in Irvine.

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.

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