REIT Buys 400 Apartments

Northern California real estate investment trust Bay Apartment Communities Inc. has purchased Banbury Cross Apartments, a 400-unit apartment community on Viewpoint Lane in Huntington Beach, for $28 million. Bay Apartment said it plans to invest an additional $6 million in renovation and reconstruction of the complex, which it bought from Hambley Co. Banbury is Bay’s fourth Orange County purchase. It entered the market last year with the purchase of complexes in Costa Mesa and Mission Viejo.