Marcus & Millichap, a leading commercial real estate brokerage firm specializing in investment sales, financing, research and advisory services, announced the sale of Chateau de Ville, a 254-unit multifamily property in Anaheim, California. The asset was brought to market for the first time in over 50 years and traded for $79,076,710 or $311,326 per unit.
“Orange County has been the tightest major rental market in California for the past three years, and this trend is projected to continue with a fourth straight year of rent growth,” said Tyler Leeson, executive managing director investments in Marcus & Millichap’s Orange County office. Leeson and Matt Kipp, Marcus & Millichap first vice president investments, represented the seller, a long-term partnership, and procured the buyer, a private investor. “As the only market in the nation to enter 2024 with Class A and Class B multifamily vacancy rates below 4%, we expect to see increasing competition for apartment assets throughout Orange County,” said Kipp.
The property is in North Anaheim, home of Knott’s Berry Farm. Interstate 5 is nearby, and California State University, Fullerton, Hope International University, and Cypress College are within a short drive. Anaheim’s major employers include Disneyland, Anaheim Regional Medical Center, Kaiser Permanente and the Honda Center.
Built in 1970 on nine acres, Chateau de Ville is a 21-building, controlled-access community with a swimming pool, clubhouse and fitness center. The unit mix is one- and two-bedroom apartments with hardwood floors, walk-in closets, air-conditioning and a patio or balcony.
By News -February 22, 2024