The seller is CT Realty Corp., a Newport Beach-based investmentand development firm. The project stands at 1100 E. Fairhaven, on asix-acre parcel near the Orange (22) Freeway. The buyer is aNewport Beach-based partnership known as Garden Grove PropertyAssociates LLC.

CT Realty, which specializes in purchasing and then improvingvalue-added properties, acquired the complex in March 1998. Itimmediately launched a $1.1-million rehab that included a completeupgrade of each unit's interior space and the addition of severalcommon-area amenities.

The development is now 98% leased, in-line with the countywideapartment occupancy factor. Vacancies across Orange County and manyother parts of the Southland have steadily dropped and sale priceshave surged, thanks to the region's booming economy, strong jobgrowth and dearth of new multifamily construction.The Newport Beachoffice of CB Richard Ellis represented CT Realty in thetransaction. Garden Grove Property Associates representeditself.