Known as Ridgegate Apartments, the property is located at 101-197 N. Ridgeway St. It contains 31 units.
The buyer, 3635 Veteran Associates LP, and the seller, The Kan Family Trust of Anaheim Hills, were represented by a brokerage team from Morgan Skenderian Investment Real Estate Group. The team consisted of Jay Skenderian, Ken Morgan and Grant Hahn, who all work in the firm's Newport Beach office.
Even in the face of a national recession, Orange County apartment product continues to change hands at a steady rate. Investors continue to gobble up multifamily property, as other sectors of the county's commercial real estate market are experiencing a major slowdown in activity. During unsteady economic times, the dependable nature of apartment product makes it an attractive investment, according to industry experts.
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