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SANTA ANA, CA-A Santa Ana multifamily complex has traded hands in a deal valued at more than $11 million.

Known as Mile Square Apartments LLC, the property stands on a 4.7-acre parcel located at 4800-4826 W. McFadden Ave. Built in 1976, the 92,274-sf stucco building contains 100 units. The mix consists of 12 one-bedroom, one-bathroom units; 42 two-bedroom, one-and-a-half bathroom units; 24 two-bedroom, two-bathroom units; and 22 three-bedroom, two-bathroom units. Amenities here include a pool, secured parking, storage lockers, air conditioning, balconies and patios.

Steve Heri of the Anaheim office of CB Richard Ellis acted on behalf of the buyer, Newport Beach-based Mercado Del Rio Investors LLC. Joe Leon of Hendricks & Partners’ office spoke on behalf of the seller, The Bascom Group.An increased number of smaller investors have begun buying up property in the Orange County multifamily market in recent months, due to a combination of attractive financing and the migration of institutional investors out of the market.

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