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NEWPORT BEACH, CA-Four multifamily properties totaling 50 units have traded for $12 million here and in three other transactions that underscore the strong demand for apartment investments of every size in Orange County, according to Hendricks & Partners. The largest in dollar value was a $4.3 million deal for 12 units and the largest property in size was a 23-unit complex that sold for $4.2 million.

The $4.3 million deal was the sale of the Rutland Apartments at 1128 & 1142 Rutland Rd. in Newport Beach. Steven Brombal of the Newport Beach office of Hendricks & Partners calls int a prime location in the area of Westcliff and Dover Drive, a few blocks from Newport’s Back Bay and the Newport Harbor.

Brombal, who brokered all four of the deals, notes that rents in the area have increased 33% since February 2004. The buyer,Newport Courtyard Apartments LLC, is planning extensive exteriorupdating and remodeling to capitalize on rent growth as well as the prospect of future rent growth.<pThe 23-unit property was the Graham Street Apartments at 9721 Graham St. in Cypress, which is the only multifamily complex on the street. The garden style complex features eight "very large" one-bedroom, one-bath units, plus 14 two-bedroom units and one "huge" three-bedroom, three-bath unit, according to Brombal.

The other two properties were a 10-unit complex at 1980 & 1984Anaheim Ave. in Costa Mesa and a five-unit complex at in Westminster. The 10-unit property is in the Westside Costa Mesa submarket, one of the county’s strongest, and consists ofdetached cottages that have been remodeled. Notes Brombal, “This offering represented the first time 1980 &1984 Anaheim Ave. had been offered for sale since being built in 1976.”

The five-unit complex was at 7741 15th St. in Westminster, which Brombal describes as a unique property that features a 2,200-sf unit that has been completely remodeled. With this sale, and the recent record sale of $355,000 per unit on 7862-72 12th St., Westminster continues rack up record sale prices, Brombal notes.

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