Jay Skenderian and Rick Applebaum of Morgan Skenderian Investment Real Estate Group represented both parties in the transaction. The seller was Kurt Kawohl of Newport Beach. The buyer was Newport Beach-based Anna LLC. Both Skenderian and Applebaum work out of Morgan Skenderian's Newport Beach office.
Multifamily properties continue to be a favorite with investors in Orange County, as the limited amount of buildable lots and the county's increasing population has kept vacancy levels low and rents high. Even the shaky economy has had little negative effect on the multifamily sector. When the market is turbulent, investors tend to favor the more stable nature of apartments versus other asset types, according to local real estate experts.
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