Marcus & Millichap negotiated the sale of the 149-unit Grand Oaks Apartments in Lake Elsinore, Calif.

The value of the transaction was $12.1 million.

A Southern California-based investor sold the property to a local partnership.

Grand Oaks Apartments, constructed in 1986, is located at 15162 Grand Ave. The sale includes 129,020 rentable square feet on 4.5 acres. The unit mix is comprised of 35 one-bedroom, 74 two-bedroom and 40 three-bedroom apartments, ranging from 660 to 1,020 square feet. Amenities include a swimming pool, spa, playground, basketball court and barbecue areas.

Encino, Calif.-based Marcus & Millichap is a commercial real estate brokerage.

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