Apartment Houses Sold

A Denver company said Thursday it has completed its acquisition of two Tustin apartment complexes, Tustin East Village and the Californian Apartments, for a total of $16.2 million, and an adjacent retail complex for $5.1 million.

Apartment Investment & Management Co. said to cover the purchase price for the two apartment communities it issued 315,419 operating partnership units at $27.875 each, or $8.8 million, and paid the balance in cash. The real estate investment trust issued an added 182,375 operating partnership units also for $27.875 each to cover the price of the retail complex.