Village Investments Inc. in Irvine and Santa...

Village Investments Inc. in Irvine and Santa Anita Realty Enterprises Inc.--owner of Santa Anita race track--have bought a 406-unit apartment complex in Tustin for $23.9 million, the companies announced.

The investment firm and Santa Anita Realty are joint venture partners in the Applewood complex, which they purchased from Shearson Lehman Brothers Development Corp., according to a prepared statement. More than 90% of the units in the complex at 2414 Tustin Ave. are leased, the statement said.