The development, known as the St. James Apartments, stands at1710 N. Fuller Ave. It was acquired by a California privatepartnership known simply as St. James Apartments LLC.

The property was sold by privately held GTS Property. ShaneAstani of Lambert Smith Hampton represented both sides in thetransaction.

Most experts agree that the apartment sector has been thebest-performing segment of LA's commercial real estate sector overthe past year or two, and many say that strength will continue wellinto the future because construction still badly lags demand. Butfew large projects have been put up for sale in recent months, inpart because many current owners are enjoying nearly double-digitannual returns on top of steadily rising property values.

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