Apartment Building Sold for $2.37 Million

A 22-unit apartment building in Placentia has been bought for $2.37 million--$108,000 per unit, the seller’s agent said Tuesday.

The price of the 12-year-old building, called the Gables, “shows the strength of the market,” said Gary Tolfa, who owns Investment Property Group brokerage in Newport Beach. The complex was sold by Mohammad Esmaili to Anaheim veterinarian Marvin Maas, Tolfa said.

The two- and three-bedroom units, which were renting for $995 to $1,275 per month, were all leased, Tolfa said.