Trust Buys Mission Viejo Apartments: A real...

Trust Buys Mission Viejo Apartments: A real estate investment trust in Chicago has purchased a 608-unit apartment complex in Mission Viejo called Vista del Lago, but it would disclose few other details of the transaction. Equity Residential Properties Trust said Thursday that it had bought five apartment complexes nationwide, containing a total of 2,124 units, for $124.6 million. Two of the complexes are located in Charlotte, N.C., with the others in Palatine, Ill., and Southfield, Mich. The Mission Viejo apartment complex is located at 21622 Marguerite Parkway. With the purchase, the company now owns 86 apartment communities with 26,984 units, which it says makes it the nation’s largest publicly traded, apartment-owning REIT. The company’s stock was down $1.25 a share Thursday, closing at $32 on the New York Stock Exchange.