An affiliate of Virginia-based Avalon Bay Communities Inc. has purchased the 368-unit Highlands at Rancho San Diego apartment complex, 2452-2488 Hilton Head Place and 1602 Hilton Head, in El Cajon for $124 million. The buyer was Avalon II California Value IV, L.P., c/o Goodwin Procter LLP, of Boston. The buyer is an affiliate of Avalon Bay Communities Inc. (NYSE: AVB), a real estate investment trust based in Arlington, Vir. PNC Bank (NYSE: PNC) provided a loan of $74.4 million. The sellers of the property were ConAm San Diego Residential Properties and ConAm Partners 85B, both California limited partnerships and each as to a 50 percent interest.
Avalon Bay is among the nation’s largest owners and developers of apartments, with holdings in communities totaling more than 50,000 units. It now owns eight complexes throughout San Diego County. Earlier this year, Avalon Bay purchased the 450-unit Waterstone Carlsbad apartment complex for $78.1 million.
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