Turnkey Asset in Anaheim is Buyer’s First OC Acquisition

A 25-unit apartment property in Anaheim recently sold to a Los Angeles-based cash buyer for $7.9 million. Located at 9922 Broadway, the property was built in 1989 featuring all two-bedroom apartments renovated under the former ownership.

CBRE’s Dan Blackwell represented the seller, a private investor, in the transaction. Priscilla Nee and Sara Kheradmandan of CBRE represented the buyer.

“This turnkey asset was the buyer’s first Orange County acquisition,” adds Nee. “The rest of the investor’s portfolio is located in Greater Los Angeles. They were particularly attracted to the strong economic base and the promise of stable rent collections in this market.”

Blackwell previously represented the seller in the original purchase of the asset for $6.8 million in 2019. Blackwell also assisted the seller in sourcing the upleg property for his 1031-Exchange, a multifamily property in the city of Orange.

“We generated multiple competitive offers and sourced a buyer through CBRE’s network,” said Blackwell. “We are continuing to see an increasing number of Los Angeles-based investors looking in the Orange County market due to its strong track record in rent collections and more opportunities. The Orange County market is very competitive right now, and we are working with many property investors on both on- and off-market opportunities to help execute 1031-Exchanges.”