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REAL ESTATE: $172M; record $689K per unit
An upscale 250-unit Costa Mesa apartment project a few blocks from South Coast Plaza has sold in a $172.2 million deal to a large institutional investor that counts other notable properties in the area.
Property records indicate that an affiliate of institutional investor Rockwood Capital, with local offices in Los Angeles, paid nearly $689,000 per unit for 580 Anton, the first upscale apartment project in the Costa Mesa arts district area in nearly a decade when it delivered in 2018.
Foster City-based Legacy Partners is the seller and developer of the project, located across the street from the Plaza Tower office building and the under-construction Orange County Museum of Art.
By total price, the deal is the second priciest apartment sale to occur in 2022 for OC.
By per-unit price, it's the largest apartment sale in OC for a complex larger than 100 units in at least five years, according to data from real estate market tracker CoStar Group Inc.
Rents Topping $4K
Legacy Partners acquired the 2-acre site, formerly a neighborhood retail center,...