Two apartment owners have bought complexes in Anaheim and Tustin in separate deals worth a combined $170 million.
In the first deal, Arlington, Va.-based AvalonBay Communities Inc. paid $98 million for the 628-unit Creekside Meadows in Tustin.
The apartments sold for $156,000 apiece.
In the second deal, Denver-based UDR Inc. acquired a complex near Angel Stadium of Anaheim for $70 million.
UDR bought 1818 Platinum Triangle, an apartment complex that opened last year as part of a rush of recent homebuilding around Angel Stadium.
Houston-based Hanover Co. developed 1818 Platinum Triangle and sold the apartments to UDR.
The apartments sold for $266,000 apiece.
The county’s apartment market is recovering from the lows of the downturn and is seeing what brokers call a “scarcity premium” as buyers look to acquire complexes but some owners hold out for better prices.
The average price for an apartment here is up 5% from a year earlier to $162,400 per unit, according to a report from Marcus & Millichap.
The two recent sales rank among the larger local deals this year.
The biggest so far is March’s $128 million purchase of the 349-unit Skyline Towers in Santa Ana by Palo Alto-based Essex Property Trust Inc.
