Shane Shafer of Sperry Van Ness in Irvine represented the buyer, with Charlie Kennedy, also of the brokerage firm's Irvine office, negotiating for the sellers. Built in 1962, the Villa Altiplano at 1030 W. Highland Ave. consists of 10 two-bedroom apartments, one three-bedroom unit and one four-bedroom unit. The apartments average 875 sf, with monthly rents of $782 for the two-bedroom units, $860 for the three-bedroom and $860 for the four-bedroom as well. The one-building, two-story wood frame and stucco complex was 100% leased at the time of the sale.

Shafer says apartment buyers are looking more to Santa Ana because its properties are offering higher returns on investment than those in many surrounding areas, where prices are often higher and cap rates lower.