Apartment Complex Fetches $17.8 Million

A 272-unit Costa Mesa apartment complex across the street from Orange Coast College was sold for $17.8 million, the seller’s agent said Friday. The San Francisco-based real estate investment trust BRE Properties Inc. plans to spend $3 million over the next year to improve the 27-year-old complex, called Adams Place Apartments, said Carl Reinhart, president of Irvine-based Peninsula Investment Real Estate, which represented the seller, Newport Beach-based AF Residential LLC.In a separate transaction, BRE Properties bought the land that the apartments occupy from the Segerstrom family for “in excess of $5 million,” Reinhart said. The complex, which consists of two- and three-bedroom apartments, is 98% occupied, Reinhart said.