Located at 370 Avocado Street, the complex is known as the Avocado Apartments. The facility consists of 12 units.
The buyers, Sheldon and Roberta Marshall of Mission Viejo, were represented by Grant Hahn of Morgan Skenderian Investment Real Estate Group's Newport Beach office. The seller, Michigan-based Gholamreza Shashaani, was represented by Sharo Khastoo of Pelican Properties.
Local investors continue to look favorably on apartment product, as the county's multifamily market continues to thrive. Vacancy rates are extremely low, with rates of less than 3% in the county's north and central cities areas, according to a recent report published by Marcus & Millichap. In addition, vacancy rates countywide are expected to remain static this year, the report says. With such low vacancy rates, rents are projected to increase by 6% this year, according to the report.
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