The recent sale of the Knolls Apartments represents the first 200-plus unit multifamily transaction in Orange in more than six years. The 260-unit asset is a 272,353-square-foot affordable apartment complex located at 3138 E. Maple Ave., less than a mile from the 55 freeway and just two miles from Chapman University.
Directly off Chapman Avenue, the property is within walking distance to retail, restaurants and grocery stores including Starbucks and Stater Bros Market.
Colliers’ Kitty Wallace and Anna Kampling facilitated the transaction between FC Orange LLC and FC Orange Associates LLC. The Colliers team successfully negotiated a 10-month presale with a $2 million initial deposit to accommodate the seller’s fund timeline and desire for a 2021 close. The buyer closed with no re-trade on price and looks to preserve this affordable community.
Orange County continues to be one of the strongest apartment markets in the country, with rents already back or in many cases higher than pre-pandemic levels, and vacancy rates below 5 percent.
Lisa Brown has more than 30 years of experience in corporate communications and marketing management with organizations including Grubb & Ellis, Marcus & Millichap and NAIOP.
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