ANAHEIM, CA-Apartment sales of $17 million here and $8.6 million in La Habra, plus a 7.4-acre land sale in Mission Viejo, illustrate the interest in residential and multifamily investment in the county, according to brokers who were involved in the transactions. The three deals included the $17 million sale of a 142-unit complex in Anaheim by Marcus & Millichap, the nearly $8.6 million sale of 61 units in La Habra by Hendricks & Partners and the land sale, brokered by CB Richard Ellis.

The Anaheim property was the Arbors at Magnolia Apartments at 150 South Magnolia Ave. According to Alex Mogharebi, an EVP with Marcus & Millichap’s Ontario office who represented the buyer, the deal represented "a well-positioned investment opportunity located in the heart of Orange County where, in this market, home affordability is still an issue.” The buyer was a Los Angeles-based private investor.

Mogharebi describes the property as located near neighborhood parks, public transportation, shopping and dining. Built in 1970, the complex is composed of 103 one-bedroom/one-bath units, 33 two-bedroom/one-bath units and six two-bedroom/two-bath apartments. Unit amenities include fully equipped kitchens with dishwashers, air conditioning and walk-in closets. The complex also has a pool, laundry facilities, on-site management, two sport courts and a fitness center.

In the La Habra sale, a local investor bought the North Pointe apartment complex at 1001 N. Harbor Blvd. from a personal trust based in Jackson, WY. The complex attracted "four extremely competitive offers" according to Peter Hauser and Steven C. Brombal of the Newport Beach office of Hendricks & Partners.

Built in 1969, North Pointe consists of 26 cottage-style one-bedroom units and 35 cottage- and townhome-style two-bedroom units. Many units feature upgraded baseboards, granite countertops, and walk-in closets.

In the land sale, CBRE reports that Lennar Homes of California purchased the land, located on a promenade above the northeast corner of Jeronimo Avenue and Los Alisos Boulevard, from Target Inc. The deal represents one of the largest multifamily land sales in Orange County in the last 24 months, according to Ray Eldridge of CBRE, who marketed the property along with Michelle Jefcoat of the Newport Beach office and Suzanne Washburn and Wood Belcher of the Orlando, FL office.

CBRE received close to two dozen offers from traditional apartment developers, as well as local and national for-sale housing developers. "The fact that the site was purchased by a national homebuilder for cash is a positive indicator that well-conceived, for-sale housing in Orange County is poised to make a strong comeback," Eldridge said. The sales price for the parcel was not disclosed.