The recently sold building, Savanna Villas, contains 28 units. It is located at 2520 W. Savanna St.
The seller, Kraus Family Trust, was represented by Jerry Giglio of Grubb & Ellis' Anaheim office. Jon Mitchell of Marcus & Millichap represented the buyer.
The transaction follows another recent apartment sale, which occurred in Cost Mesa. Private investors Sheldon and Roberta Marshall of Mission Viejo gobbled up the 12-unit Avocado Apartments, as reported last week by Globest.com. The complex, which is located at 370 Avocado St., has been acquired for $1.1 million. It was sold by Michigan-based Gholamreza Shashaani.
Local investors continue to favor multifamily product, as the county's apartment sector is still tight. Vacancy rates stand at less than 3%, according to a recent report published by Marcus & Millichap. They are expected to remain static this year, the report says.
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