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Apartments Trade for $27M in Low-Vacancy Anaheim
Marcus & Millichap closed the sale of Le Chateau Apartments, a 76-unit apartment asset in Anaheim. The property sold for $27.45 million, or $361,184 per unit.
“On the market for the first time in more than 40 years, Le Chateau is located in a submarket with the tightest multifamily vacancy rates for Class A and Class C assets in the country and on the West Coast, respectively,” said Tyler Leeson, executive managing director investments in Marcus & Millichap’s Orange County office.
“We closed the transaction in 23 days with a multifamily investor in a 1031 exchange who captured significant equity from the sale of a Las Vegas property,” said Drew Holden, first VP investments. “In the current economic environment, the buyer was attracted to the low vacancy rate and stable rent growth found in the Orange County apartment market.”
Leeson and Marcus & Millichap’s Matt Kipp and Nicholas Kazemi represented the undisclosed seller. Holden procured the buyer.
Built in 1964, the property is located at 1670 W. Broadway in West Anaheim, close to Interstate 5 and State Route 91, which connect residents to employment hubs throughout Southern California.
- ◦Sale/Acquisition
