Developers are keen on raw land in OC and the vicinity, especially if they think an apartment development might go on it, Charles Dunn Co's Blake Rogers tells us. "Cheap debt, strong fundamentals and expected rent growth have made both private and public developers hungry for well-located apartment sites," he explains. "While the private groups are typically not competitive with REITs on larger deals, their ability to close without entitlements and willingness to take on deals of less than 100 units is keeping them active in the market as well."

But competition is so stiff that would-be apartment developers of any size are sometimes beaten to the punch by buyers with other uses in mind. Recently, Blake and colleague Albert Shiltonbrokered the $5M sale of 1.6 acres at 17222-17262 Beach Blvd in Huntington Beach. The offer spurred interest from prospective buyers who dreamed of apartments, for-sale housing, and retail. In the end, Hardin Hyundai paid all cash for the property, with plans for an auto dealership.(Hopefully paying in all cash includes handing over a nondescriptbriefcase on a park bench, just to make it fun.)