Earlier this month, The Mogharebi Group (TMG) arranged a relatively modest transaction: the $12.2 million sale of The Wilson Townhomes, a 24-unit development in Orange County's community of Costa Mesa. The buyer of the fully occupied property is a private investment group from nearby Newport Coast. 

Built in 1961, The Wilson Townhomes is located on a low-density two-acre site bordering both Newport Beach and Huntington Beach. Each of the two-bedroom apartment units are housed in six two-story residential buildings. 

But look a little closer and you can see that the sale of The Wilson Townhomes is more than just a routine transaction. It also illustrates just how pricey even average investments have become. Indeed, given the lack of supply of affordable, single-family homes and the great demand for apartment living overall, paying slightly more than half-million dollars per unit for a 61-year-old apartment community in Orange County, Calif., makes perfect sense in 2022's market.