AvalonBay Communities, Inc. sold the 628-home Eaves by Avalon apartments at 13921 Tustin East Dr. in Tustin, CA to Raintree Partners of Laguna Niguel for $163.5 million, or about $260,000 per unit – a new high for single-asset multifamily sales across the market over the past five years, reported Berkadia, which brokered the sale.

The seller acquired the asset in August 2010 for $98.5 million ($157,000 /unit) from Security Properties, Inc., according…