An affiliate of Virginia-based AvalonBay Communities Inc. has purchased the Highlands at Rancho San Diego apartment complex in El Cajon for $124 million. The deal for the 676-unit complex closed on Oct. 31, according to CoStar Group.

The seller was San Diego-based ConAm Management Corp., and the apartments are located at 2450 Hilton Head Place.

AvalonBay is among the nation’s largest owners and developers of apartments, with holdings in communities totaling more than 50,000 units. It now owns eight complexes throughout San Diego County.

Earlier this year, AvalonBay purchased the 450-unit Waterstone Carlsbad apartment complex for $78.1 million.

— Lou Hirsh