Apartments Are Sold
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LAGUNA NIGUEL — Laguna Brisas Apartments has been acquired by Bay Apartment Communities, a San Jose-based real estate investment trust, for $17.2 million.
Bay said Tuesday it also is assuming about $10.4 million in variable rate tax-exempt bonds that mature in 2009.
Bay will invest about $2.1 million to upgrade the 176-apartment complex. It will replace the roofs and damaged exterior wood, waterproof entryways and decks, make drainage improvements, and upgrade the landscape, recreation and leasing facilities.
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