The sale was brokered by John Walsh of Marcus & Millichap's Encino office, who represented both the buyer and Pacific, which acquired the complex in 2001, subsequently completing what Pacific describes as a minor repositioning.

Built in 1968, the apartment complex adjoins the Santa Ana Country Club golf course. Its 104 units include 56 one-bedroom units and 48 two-bedroom apartments, with the one-bedrooms measuring 754 sf and the two-bedrooms 954 sf. The property, built of wood frame and stucco construction, was approximately 92% occupied at the time of the sale.

The sale is the latest in a flurry of deals in Southern California by Pacific Property, which has acquired 1,250 units in the past three months and well over 2,300 units in the past year in addition to recently expanding its operations to include the opening of another office in Irvine. The properties the company has acquired have ranged from the repositioning of the 87-unit Home Park Village in San Diego (renamed The Ridge at San Diego) to the recent acquisition of the 312-unit, institutional quality Waterstone at Moorpark in Moorpark. Additional acquisitions have been completed in Encinitas, Murietta, Rancho Bernardo, San Diego/Clairmont and Sherman Oaks. Pacific also recently acquired 100 units in the San Francisco area.

Al Pace, the company's CEO, says Pacific plans to continue building its Southern California portfolio and is actively seeking further multifamily investments here.