Crescent Heights is repositioning Orange County’s tallest residential complex as a condominium.
The Miami-based firm bought 9 MacArthur Place, an apartment complex in Santa Ana, for $240 million in April and is marketing units for sale, the Orange County Business Journal reported. Units at the development are no longer being listed online as available for rent.
The complex, renamed Skyline OC, consists of two 25-story buildings with 350 units. Crescent Heights’ purchase for $685,000 per unit from San Mateo-based Essex Property Trust was the most-expensive local multifamily trade of the past year, the outlet said.
The units for sale include one- and two-bedroom units as well as some penthouses. Prices are expected to range from $600,000 to $3 million, but current listings are between $850,000 and $1.3 million. Homeowners’ association dues cost about $1,100 per month.
Amenities include a pool and spa, a full fitness center, yoga studio and lounge, as well as an acre of outdoor living space.
The complex was built in 2008 by Santa Ana-based Nexus Development, originally planned as a condominium, costing $350 million to build. Nexus left the project amid the Great Recession.
Essex and an unidentified partner bought a stake in the property in a 2010 deal that valued the complex at about $128 million. The company then converted the residential towers from condo units to rentals. Two years later, Essex bought the remaining 50 percent from its partner in a transaction that placed the property’s value at $170 million.
The Skyline towers maintained a 94 percent occupancy rate as of this spring, prior to Crescent Heights’ purchase.
The median home price for an “attached” home, such as a condo or townhome, in Orange County is $733,000, according to Orange County Realtors. The median price for a single-family detached home is $1.4 million.
Read more
Crescent Heights plans LA’s biggest condo conversion project in 52 years
Crescent Heights plans LA’s biggest condo conversion project in 52 years
Santa Ana property sells for $43M as ground lease expires
