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LOS ANGELES-A private investment group has paid $36 million for a 298-unit apartment complex here, as investors continue to quickly snap up the relatively few rental properties that are placed on the market.

The development, known as the St. James Apartments, stands at 1710 N. Fuller Ave. It was acquired by a California private partnership known simply as St. James Apartments LLC.

The property was sold by privately held GTS Property. Shane Astani of Lambert Smith Hampton represented both sides in the transaction.

Most experts agree that the apartment sector has been the best-performing segment of LA’s commercial real estate sector over the past year or two, and many say that strength will continue well into the future because construction still badly lags demand. But few large projects have been put up for sale in recent months, in part because many current owners are enjoying nearly double-digit annual returns on top of steadily rising property values.

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