California apartments sold for nearly $98 million

One property will convert to condos

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Marcus & Millichap recently announced the sale of three Southern California apartment properties valued at $97.9 million. The properties in the sale include The Summit at Mission Bay in San Diego; Waterstone at Murrieta in Murrieta; and Topanga Townhomes in Chatsworth. The Summit at Mission Bay and Waterstone at Murrietta were sold by Pacific Property Co., based in Palo Alto, Calif. United Dominion Residential Communities of Southern California acquired both assets. Summit at Mission Bay is located at 3103 Clairemont Drive in San Diego. The property commanded a $40 million individual sales price. Waterstone at Murrieta is located at 24850 Hancock Ave. in Murrieta. The community sold for $45.5 million. Topanga Townhomes is a condominium conversion property located at 10011 Topanga Blvd. in Chatsworth. The property is currently operated as a 49-unit apartment community with large two-and three-bedroom townhome floor plans. The community's 1.4 acres have already been subdivided...