The seller, Ed Raymond, was represented by Jonathan Mitchell ofMarcus & Millichap's Newport Beach office.

Rents in the Orange County multifamily market have risen 3% inthe first nine months of the year, according to a recent report byRealFacts, a Novato-based real estate research firm. The averagerent for an Orange County apartment shot up to $1,204 in September,the report says.

As rents here have risen, construction of new multifamilyprojects has been on the wane. The number of construction permitsissued in September dropped significantly to a mere 89 from 264 inthe previous month, according to a recent report by theBurbank-based nonprofit Construction Industry Research Board.

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