BUENA PARK, CA-Two 1031 exchange deals for apartment complexes have closed here, according to first vice president Steve Heri of the CBRE Private Client Group's Anaheim office. In the larger of the two, a private investor acquired a 32-unit complex on Seventh Street for $5.4 million.

Heri notes that, "Because of the strength of the rental market in North Central Orange County, we have been able to sell three apartment buildings in Buena Park in the last few months." Four prospective buyers submitted bids on the property, Heri adds.

The buyer and seller were private local investors. In addition to Heri, the sale was brokered by Peter Gillin and Dominique Kehayias of CBRE.

In the second deal, Heri reports that the buyer paid $55,000 more than list price in the $1.35 million purchase of a nine-unit apartment building at 5962 Kingman Ave. Rents were well below market and the landscaping was in need of repair, Heri says. He points out that buyers of small apartment properties in Orange County have recently become less aggressive because of rising interest rates.

The 1031 buyer submitted an offer higher than the list price because he needed to identify his upleg in the exchange immediately. The transaction was brokered by Heri, Gillin and Kehayias.