Ailing Condo Project Bought
Sunset Bay Towers, a troubled 116-unit condominium project in Long Beach, has been purchased for $23.7 million by Santa Monica-based Site Properties Ltd.
Site Properties expects to spend about $7 million to complete the 17-story complex at 1310 E. Ocean Blvd. Move-ins should begin in March, a Site Properties official said, with prices ranging from about $200,000 to $1.5 million.
The acquisition ends a two-year period during which the property lay dormant while in bankruptcy.
Sign up for Essential California
The most important California stories and recommendations in your inbox every morning.
You may occasionally receive promotional content from the Los Angeles Times.
