Santa Ana Condo Towers Sells for $240M

Essex Property Trust Inc. sold Essex Skyline, which is comprised of two condo towers at 15 MacArthur Place in Santa Ana, for $239.6 million, or $685,000 per unit. The buyer was Crescent Heights, a Miami-based commercial real estate owner and developer. It was the second major sale in Southern California for San Mateo-based Essex, a real estate investment trust. The company also sold the Highridge apartment complex in Rancho Palos Verdes for $127 million in February to Bascom Group.

The 25-story towers in Santa Ana were constructed in 2008 as condominiums and were converted into apartments two years later by Essex when it acquired a majority stake in the 350-unit development. It assumed full control in 2012.

It simultaneously announced the acquisition of three apartment properties in Northern California for an aggregate value of $345 million.

“We are pleased to announce a productive first quarter of acquisitions and disposition,” said Angela Kleiman, chief executive of Essex Property Trust, in a statement. “The newly acquired properties will seamlessly integrate into our existing property collections operating model.”

Information for this article was sourced from Essex Property Trust.