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11/13/19
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A 32-unit multifamily property in Anaheim was recently acquired by a local investor for $6.21 mil, or about $195k/unit. The all-cash, off-market transaction was part of a 1031 exchange for the buyer.
The apartment complex, which consists of four buildings on four contiguous parcels, is situated on a total lot size of 31.4k sf and is located at 1569, 1575, 1579 and 1585 West Ball Road. Built in 1960, the property features a unit mix of 24 one-bedroom/one-bath units and eight two-bedroom/one-bath units and sits in a prime rental market of Anaheim, near the Disney Resort.
CBRE’s Dan Blackwell and Sean Farag represented the buyer in the deal.
“Investor interest in Orange County multifamily properties continues to be extremely strong, and Anaheim is a focal point for many looking to own property in the region,” said Blackwell. “Property values have continued to climb due to a shortage of inventory and the ongoing expansion of the renter pool in this area, and despite some headwinds due to rent control laws, this year has been extremely strong, and we anticipate demand to remain solid in 2020.”
According to the latest CBRE research, the Orange County multifamily market has remained healthy, with a favorable vacancy rate and continued rent growth. The region’s performance has matched national trends. Net absorption totaled 160,900 units in the second quarter across the U.S., the highest quarterly demand total in at least 15 years, as vacancy fell to 4%, down by half a percentage point from the prior year.
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