Apartment Exodus to Suburbs Continues

In the latest sign of the Southland’s strong market for apartments, a group of private investors based here has paid $1.85 million for a 21-unit complex in Orange County. The group, known as Watseka Avenue LP, purchased the Esplanade Apartments in the City of Orange from Santa Ana-based Orange City Partners. The complex, in the 200 block of South Esplanade Street, was built in the late-1980s and is virtually 100% leased.Apartment vacancies across Orange County have dropped to about 2%, thanks to a local job-growth rate that’s nearly triple the national average and a dearth of new construction. Morgan Skenderian Investment Real Estate Group of Newport Beach represented both parties in the transaction.