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FULLERTON, CA-Guichet Properties LLC of Costa Mesa has acquired a 94-unit apartment complex in Fullerton from Granite Fullerton LLC of Irvine for about $10.4 million, according to Morgan Skenderian Investment Real Estate Group.

Ken Morgan and Jay Skenderian of the Morgan Skenderian office in Newport Beach represented the seller, with Eric Guichet of New Dimensions Realty, a broker as well as an investor in Guichet Properties, representing the buyer.

The sale was one of two transactions brokered recently by Morgan and Skenderian that involved private buyers and sellers all from Southern California. In the other deal, two private individuals based in Irvine purchased a 32-unit apartment complex at 2082 and 2083 S. Mountain View Ave. in Anaheim from a private individual based in Redondo Beach for $3.4 million.

The Fullerton complex is situated at 400 W. Baker Ave. It consists of seven buildings, all two stories made of wood frame and stucco, that were built in 1964. The seller acquired the complex 3.5 years and rehabbed them. Morgan tells GlobeSt.com that all but one of the units were rented at the time of the sale. The 94 units include 82 two-bedroom units and four three-bedroom apartments that average more than 1,000 sf, with monthly rents averaging approximately $1,030.

In the Anaheim transaction, the buyers got a two-building complex of wood frame and stucco construction with three units empty at sale time. Morgan and Skenderian represented both the buyer and the seller, who had owned the property for about two years. The complex, which was built in 1962, includes four one-bedroom units and 28 two-bedrooms. The units average approximately 830 sf and rent for an average of about $980 per month.

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