Arlington, VA-based AvalonBay sold ‘eaves by Avalon,’ a 628-unit apartment community in Tustin, CA to Laguna Niguel, CA-based Raintree Partners for $163.5 million. The transaction represents the largest price for a single asset market rate sale in Orange County in the past 5 years.
Built in phases between 1968 and 1972, eaves Tustin is a value-add opportunity situated in an affluent neighborhood bordering Irvine and Tustin Ranch. Among the amenities at the 26-acre site are pools and spas, tennis courts, a remodeled leasing office and fitness center, and large clubhouse.
Berkadia’s Southern California institutional brokerage team of Joe Leon and Dean Zander represented the seller, as well as the buyer in the transaction. This marks the third time in the past decade the team sold this community.