Known as Avanti Apartment Homes, the 14-year-old property stands at 650 W. Broadway Blvd. in close proximity to Downtown Anaheim. Amenities here include underground parking, a pool and a spa. A renovation of the property in 2000 included new paint, new interiors and new common areas. The complex was 97% leased at the time of sale, according to Ray Eldridge of CB Richard Ellis.

Eldridge, along with CB Richard Ellis colleagues Sean Deasy and Chris Knowles, acted on behalf of both the buyer and the seller, Fairfield Residential, in the transaction. According to Eldridge, the Avanti transaction is yet another sign of Orange County's booming multifamily market. "It is still one of the top apartment markets in the country, with rental increases and high occupancy levels," he tells GlobeSt.com.

Knowles adds that the recent Anaheim sale is "another strong indicator of the demand for apartments in Orange County," especially since the property had debt on it that the buyer acquired. "Investors are willing to take a lesser return than they have in the past," Knowles tells GlobeSt.com. He doesn't foresee any slowdown in the demand for multifamily product, especially among institutions that are shying away from the stock market, but still have a "glut of money they want to invest."