CT Realty Buys Tarzana Apartment Complex

CT Realty Corp. bought the 168-unit Tara Village Apartments in Tarzana for $20 million from Essex Property Trust of Palo Alto.

A spokesman for CT Realty said the Newport Beach company would spend $1.7 million to renovate the 30-year-old complex at 18350 Hatteras St. Tara Village is 95% occupied and includes two-, three- and four-bedroom units.

The purchase is indicative of CT Realty’s plans to increase its involvement in the Los Angeles market, said Raymond Polverini, vice president.

Melinda Russell of Henricks & Partners represented the seller. Dan Naddor of CT Realty represented the buyer.