The seller, Ed Raymond, was represented by Jonathan Mitchell of Marcus & Millichap's Newport Beach office.
Rents in the Orange County multifamily market have risen 3% in the first nine months of the year, according to a recent report by RealFacts, a Novato-based real estate research firm. The average rent for an Orange County apartment shot up to $1,204 in September, the report says.
As rents here have risen, construction of new multifamily projects has been on the wane. The number of construction permits issued in September dropped significantly to a mere 89 from 264 in the previous month, according to a recent report by the Burbank-based nonprofit Construction Industry Research Board.
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