“Anaheim Multifamily Sells for $79M in First Transaction in 50 Years”

"Anaheim Multifamily Sells for $79M in First Transaction in 50 Years"

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.

About the Publisher:
Steve Griffin is based in sunny Palm Harbor, Florida. He’s an accountant by profession and the owner of GRIFFIN Tax and REVVED Up Accounting. In addition, Steve founded Madison Avenue Technology. With a strong passion for commercial real estate, he’s also dedicated to keeping you up to date with the latest industry news.

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