Marcus & Millichap recently completed the sale of Chateau de Ville, a 254-unit multifamily property located in Anaheim. This transaction marks the first time in over five decades that this asset has been brought to market and it sold for $79,076,710 or $311,326 per unit.
According to Tyler Leeson, executive managing director investments at Marcus & Millichap’s Orange County office: “Orange County has consistently been one of California’s strongest rental markets for the past three years and we anticipate this trend will continue with a fourth consecutive year of rent growth.” Leeson along with Matt Kipp (first VP investments) represented the seller – a long-term partnership – while also securing the buyer who was a private investor. Kipp added: “As Orange County remains as one of only few markets nationwide with Class A and Class B multifamily vacancy rates below 4%, we expect to see heightened competition for apartment assets throughout this region.”
Built on nine acres in 1970, Chateau de Ville is comprised of twenty-one buildings within its controlled-access community which features amenities such as a swimming pool, clubhouse and fitness center.
This recent sale demonstrates strong demand for multifamily properties within Anaheim as well as continued growth potential within Orange County’s rental market.
