News Summary
The Skyline apartment complex in Santa Ana has started shifting from rental units to luxury for-sale listings, introducing one and two-bedroom layouts and exclusive penthouses priced from $600,000 to nearly $3 million. Crescent Heights is now marketing the property, which boasts extensive amenities such as a resort-style pool, spa, and fitness center. Previously known as Essex Skyline, the complex was acquired for $239.6 million and is strategically located next to key transport routes, appealing to potential homeowners in Orange County.
Santa Ana – The Skyline apartment complex in Santa Ana, Orange County, has begun transitioning from rental units to luxury for-sale listings, marking a significant shift in the property’s status. Crescent Heights, a Miami-based firm, is now marketing select units within the complex, which features two 25-story towers comprising a total of 350 units, under the branding “Skyline OC.”
Available units include various options, such as one-bedroom and two-bedroom layouts, along with exclusive penthouses. The price range for these luxury residences starts at approximately $600,000, with some high-end units nearing $3 million. Current listings on Zillow show prices for available units varying from $851,000 to just over $1.3 million. Prospective buyers should also note that homeowners association (HOA) dues at Skyline OC are anticipated to commence at around $1,100 per month.
Skyline OC offers a range of amenities designed to enhance residents’ quality of life. These features include a resort-style pool and spa, a fully equipped fitness center, a yoga studio, inviting lounges, and one acre of beautifully landscaped outdoor living space. The combination of luxury accommodations and extensive amenities positions Skyline OC as a desirable option for potential homeowners looking for upscale living in Orange County.
Crescent Heights acquired the property, previously known as Essex Skyline, in April for a total of approximately $239.6 million. This acquisition represents the most expensive apartment complex sale in Orange County over the past year, equating to about $685,000 per unit. Crescent Heights specializes in luxury residential projects across the United States; however, Skyline is currently the only property in its portfolio located within Orange County.
Historical Context
The Skyline complex was initially developed by Nexus Development and opened its doors in 2008 with plans to operate as a condominium project. However, the Great Recession prompted a halt to these condominium plans, leading Essex Property Trust to convert the buildings into rental units in 2010. Later, in 2012, Essex acquired its partner’s stake in the property, which was then valued at around $170 million.
At the time of its sale to Crescent Heights, the Skyline towers boasted a reported occupancy rate of 94%. The complex is strategically located next to the Hutton Centre office campus and lies near the intersection of the San Diego (405) and Costa Mesa (55) freeways, enhancing its appeal for potential residents who value accessibility and commuting options.
Prior to its conversion to rental units, Essex valued Skyline at approximately $128 million in 2010. The initial construction cost for the complex was around $350 million, reflecting the significant investment made into developing high-quality luxury living accommodations. Over the years, the Skyline property has seen a series of transactions that underscore the dynamic nature of the real estate market in Orange County, including the repositioning of assets and the sale of other properties to maximize returns.
As the local residential market continues to evolve, the transition of Skyline from a rental community to a luxury for-sale residence signals a shift in housing options available in the region, appealing to buyers seeking upscale living in a prime Orange County location.
Deeper Dive: News & Info About This Topic
HERE Resources
Southern California Real Estate Market Sees Major Transactions
Additional Resources
- Orange County Business Journal: Skyline Rental Towers Pivoting to Condos
- Multi-Housing News: Essex Sells Orange County Asset for $240M
- The Real Deal: Crescent Heights Buys into OC’s South Coast Metro
- Wikipedia: Real Estate in the United States
- Google Search: Orange County real estate market
Author: STAFF HERE COSTA MESA WRITER
The COSTA MESA STAFF WRITER represents the experienced team at HERECostaMesa.com, your go-to source for actionable local news and information in Costa Mesa, Orange County, and beyond. Specializing in "news you can use," we cover essential topics like product reviews for personal and business needs, local business directories, politics, real estate trends, neighborhood insights, and state news affecting the area—with deep expertise drawn from years of dedicated reporting and strong community input, including local press releases and business updates. We deliver top reporting on high-value events such as the OC Fair, Concerts in the Park, and Fish Fry. Our coverage extends to key organizations like the Costa Mesa Chamber of Commerce and Boys & Girls Clubs of Central Orange Coast, plus leading businesses in retail, fashion, and technology that power the local economy such as Vans, Experian, and South Coast Plaza. As part of the broader HERE network, including HEREAnaheim.com, HEREBeverlyHills.com, HERECoronado.com, HEREHollywood.com, HEREHuntingtonBeach.com, HERELongBeach.com, HERELosAngeles.com, HEREMissionViejo.com, HERESanDiego.com, and HERESantaAna.com, we provide comprehensive, credible insights into California's dynamic landscape.
