San Pedro sale.

Two apartment developments in San Pedro have changed hands for a total of $37.3 million in one of the county's biggest multifamily sales of the year.

The seller in the Sept. 10 transaction was Chicago-based real estate investment trust Equity Residential, headed by real estate mogul Sam Zell, and the buyer was multifamily investor JH Real Estate Partners Inc. of Newport Beach.

The properties are about a street block apart, with the 160-unit Harbor View at 1286 W. Capital Drive and the 60-unit Bay Ridge at 1099 W. Capital. The buildings were built in the 1980s and are not subject to rent control. However, given the economy, there currently is little opportunity to raise rents, said Ron Harris, a Marcus & Millichap Real Estate Investment Services Inc. broker who handled both sides of the deal.

"The buyer is a long-term holder," he said. "Over time they will have an opportunity to renovate and update the building."

Greg Harris of Marcus & Millichap, unrelated to Ron Harris, also represented both sides.

Both Equity Residential and JH Real Estate did not return calls seeking comment.

Staff reporter Daniel Miller can be reached at [e-mail] or (323) 5495225, ext. 263.