(Read more on the multifamily market.)

FULLERTON, CA-Security Properties Inc. of Seattle has acquired its second apartment complex in the vicinity of Cal State Fullerton with its acquisition of the 248-unit Nutwood Apartments for $41 million. The multifamily investment specialist, which bought a 147-unit complex near the CSF campus in 2007, acquired the Nutwood property from the Dhont Family Foundation.

The Nutwood complex, built in 1975, is situated on a 6.5-acre site at 2404 Nutwood Ave. and consists of 24 three-story buildings that feature 174 one-bedroom and 74 two-bedroom apartments. The location is near five colleges and universities with combined enrollments of more than 60,000, including Cal State Fullerton, which is within walking distance.

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