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8/10/16
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French Country Apartments, a 33-unit residential property in Anaheim, traded hands for $7 mil ($212k/unit).
French Country, built in 1986 and situated on 1.19 acres, consists of seven, two-story residential buildings, a swimming pool, and an on-site laundry facility. The complex is located in the North Anaheim area with easy access to freeways, and is just minutes away from numerous community amenities.
Dan Blackwell of CBRE represented the undisclosed buyer, and Berkadia represented the seller, Interstate Equities Corporation, a multifamily investment company.
“The buyer had been searching for their next multifamily acquisition for some time,” said Blackwell. “We knew French Country would fit their investment criteria being a 1986 construction fronting Ball Road with 15-20 percent upside in rent. This type of deal is very hard to find in Orange County, so we immediately jumped on writing a non-contingent offer and closed in 45 days.”
The U.S. multifamily industry is likely going to go through its seventh consecutive year of strong market fundamentals in 2016, as cyclical and structural trends continue to create strong demand. Vacancy rates remain relatively low and rental growth is above the historical average, according to a CBRE U.S. multifamily research report.
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