Domino Realty plans to continue renovations to the property's interiors, while adding additional common area amenities in order to meet renter demand and fuel strong future rental growth.

Built in 1977, Artisan's unique layout combines three different designs: urban mid-rise units over podium parking, two-story, garden-style apartments and two-story townhouse style apartments. The 275-unit property features one- and two-bedroom floor plans. Unit amenities include fully equipped kitchens with granite countertops and stainless steel appliances, gas fireplaces, walk-in closets, cable access and balconies or patios. Community amenities include two heated swimming pools, laundry facilities, tennis courts, a fitness center, barbeques, and gated community access. The property was 97% occupied at the time of sale.

"Rarely does an apartment asset of this size sell in the coastal sub-market of Huntington Beach," Hauser added. "Due to its locale, quality condition and unique unit designs, Artisan was a highly attractive investment opportunity that generated a lot of buyer interest."

The Artisan, located near the 405 and 22 freeways and adjacent to the newly renovated Bella Terra Mall. The property is also within six miles of popular beaches and 11 miles from Disneyland. Top employers in the area include Fountain Valley Regional Hospital, StorCase Technologies Inc., IBM, Zodiac Aerospace and Hyundai corporate headquarters.

Orange County area vacancy rose 40 basis points to 4.2% by the end of 2015. The average asking rent increased 4.4% year-over-year to an average of $1,955 per month.

Berkadia, a joint venture of Berkshire Hathaway and Leucadia National Corporation, is an industry-leading commercial real estate company providing comprehensive capital solutions and investment sales advisory and research services for multifamily and commercial properties. Berkadia is among the largest, highest rated and most respected primary, master and special servicers in the industry.