Knolls is Orange’s First 200+ Unit Multifamily Deal in Six Years
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 decades of experience in corporate communications and marketing management with organizations including Coldwell Banker Residential, Grubb & Ellis, Marcus & Millichap, NAIOP, SIOR and ALM.
In those positions, she worked in conjunction with chief executive officers and chief marketing officers to create corporate messaging, cohesive branding standards, strategic marketing plans and thought pieces. Brown is a frequent speaker at industry events and an editing adjunct professor for an online course. She has a master’s degree in mass communications from San Jose State University.
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