Newport Beach-based Tailwind Investment Group purchased the ground lease for a 62-unit affordable housing complex on Santa Catalina Island for $8.64 million, or about $139,400 per unit.
Black Rose Catalina L.P. sold the Tremont Street Apartments at 321 Tremont St. in Avalon.
Arteen Zahiri and Tony Azzi of Marcus & Millichap represented both the seller and the buyer.
Built in 1983, the property features five two-story buildings with 10 one-bedroom units, 37 two-bedroom units, and 15 three-bedroom units on 1.42 acres.
According to Marcus & Millichap officials, the property operates under a federal Section 8 Housing Assistance Payments contract and is on land leased from the Santa Catalina Island Co. until 2053.
