The Lake Apartments, a 136-unit Fullerton apartment complex, was sold for $14 million, nearly $103,000 per unit at an 8.52 percent cap rate. Located at 2800-2842 Madison Avenue, the 114,286-square-foot complex consists of 14 studios, 98 one-bedroom/one bath and 24 two-bedroom/two bath units. Amenities include A/C, balconies, a clubhouse, dishwashers, fireplaces, three laundry facilities, a pool, a spa and a security entrance. The buyer, Granite Lake Apartments LLC of Irvine, plans on investing $1.4 million in capital improvements to the property over the next 12 to 18 months. Jonathan Mitchell and Gordon Reese with Marcus & Millichap represented both the buyer as well as the seller, F & F Lake Associates LLC.