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FULLERTON, CA-The Klingbeil Multifamily Fund of Tustin hasacquired the 136-unit Lake Apartments from Granite Lake Apartmentsof Irvine for $23 million, with the buyer planning to spend about$15,000 per unit for restoration and renovations, according toHendricks & Partners. Partner Robin Ossenbeck in the LosAngeles office of Hendricks & Partners reports that the buyerwas looking for value-added investments in Orange County and "wasimpressed with the one-of-a-kind" property that the Lakes complexis.

Ossenbeck explains that the apartment complex features a35,000-sf lake that is stocked with fish and is home to ducks andother birds. The property, at 2800 Madison Ave., also featuresfountains, streams and waterfalls in a setting that Ossenbeckdescribes as "like an oasis in the middle of the hustle and bustleof Orange County."