The Church of Jesus Christ of Latter-day Saints' real estate investment arm has purchased a South Bay apartment complex in an all-cash transaction valued at approximately $87 million, according to East Bay Times reporting.

The acquisition adds to the Church's extensive property holdings in California. The deal was completed through one of the Church's corporate real estate entities, which manages commercial and residential properties separate from congregation meeting houses.

The Church's real estate operations have drawn increased scrutiny since revelations in 2019 that its investment fund Ensign Peak Advisors held over $100 billion in assets.