Marcus & Millichap has arranged the sale of Nine-Eighteen Apartments, a 32-unit multifamily community in Anaheim, in a transaction highlighting continued investor interest in scaled workforce housing assets. The property changed hands for $7.1 million, equating to $221,875 per unit.
The brokerage team described the asset as a well-located multifamily property with meaningful scale in the Anaheim market and cited the potential for long-term upside as a key element of its investment profile. According to the firm, these fundamentals supported a streamlined closing process and attracted buyer interest consistent with the pricing guidance.
Tyler Leeson, executive managing director investments with Marcus & Millichap, noted that Nine-Eighteen Apartments offered a combination of location and future income growth potential that resonated with investors focused on the Anaheim area. He added that the property’s underlying performance characteristics supported a successful all-cash disposition that closed in 30 days at nearly 99% of the asking price.
Leeson, together with Marcus & Millichap investment specialists Matt Kipp, Nick Kazemi and Drew Holden, marketed the asset on behalf of the seller. The same team, joined by colleague Joe Berkson, also procured the buyer, aligning both sides of the transaction under a single brokerage platform.
Built in 1975, Nine-Eighteen Apartments is located at 918 W. Romneya Dr. in Anaheim. The property comprises 32 apartment units totaling 25,007 rentable square feet on a site of approximately 0.87 acres. The building’s vintage and scale position it within the established segment of the local multifamily stock while still offering room for operational or income enhancements over time.
The buyer, whose name was not disclosed, is returning to the multifamily sector with this acquisition, marking its first purchase of an apartment property since 1993. The investor plans to hold Nine-Eighteen Apartments as a long-term asset and intends to focus on maximizing income from the property over the hold period, underscoring a patient capital approach within the Anaheim multifamily market.
