Carmel Partners LLC said Friday it has purchased the upscale Vista del Lago apartment complex in Costa Mesa for more than $55 million, the highest overall price paid this year for an Orange County multifamily complex.
The purchase from Prudential Real Estate Investors marks the San Francisco real estate company's entry into the Southern California market.
The 23-acre, 468-unit complex, which includes a lake, fits the company's strategy of acquiring unique properties, said John Williams, Carmel's chief financial officer.
Vista del Lago, built in 1972 off Mesa Verde Drive East, contains 20 units per acre, which is considered a low density level.
"You could not build a property like that with that level of density and size today, because of costs," Williams said.