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.

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