O.C. apartments bought for $197 a square foot

Renovation planned

NAI BT Commercial negotiated the sale of a 246-unit Orange County, Calif., apartment community for a price of more than $43 million. Park Place Fund Ltd., a Southern California-based family partnership, sold the property in Tustin to San Francisco-based Carmel Partners. Park Place had owned the property since it was built in 1969. Situated on 5.6 acres, the unit mix comprises 206 flats and 40 townhouses, all with two bedrooms and 1.5 baths. Carmel Partners plans to extensively renovate the property, which is located at 16282 Main St. ...