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WESTMINSTER, CA-A private investor has acquired the 26-unit El Patio Apartments at 7221 Trask Ave. for $3.1 million, according to Sperry Van Ness.Ruben Khorsandi of the Irvine office of Sperry Van Ness represented the buyer, with Rick Padilla of Fidelity Bancorp Funding representing the seller, also a private investor. Khorsandi says the El Patio, close to the 22 and 405 freeways, was 100% leased at the time of the sale. It is a two-building complex comprising 15 one-bedroom, one-bath units and 11 two-bedroom, one-bathroom units with rents ranging from $775 to $925.

The property is one of a number of small apartment complexes that have traded in Orange County in recent weeks, illustrating what brokers say is a continuing demand for multifamily properties of all sizes because of the county’s strong apartment market. Even though the market lacks the sizzle of several years ago, industry observers say, investors continue to see Orange County apartments as a stable investment in uncertain economic times.

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