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10/31/17
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The Palms Apartments, a 40-unit multifamily property in Anaheim, was purchased by a local investor for $7.6 mil ($190k/unit). The buyer plans to continue the existing renovation plan to add more value to the property.
The property, located at 1724-1736 W. Ball Rd, consists of all one-bedroom units. Built in 1959, this fully gated community features two courtyards, a swimming pool, laundry facilities, and ample assigned parking. The complex is in proximity to Disneyland, the Anaheim Convention Center, and the I-5 and 91 freeways. It is also in walking distance to several schools.
Dan Blackwell with CBRE represented the seller, Ball Anaheim Apartments LLC. The buyer, Great Chi Investments, was repped by Grady Liu with Macroreal Investment Group.
According to Blackwell the listing generated multiple offers. In the end, the seller was able to sell the property 30% above the purchase price they paid just 18 months earlier.
Apartment vacancies in the Greater Los Angeles region are expected to remain stable in 2017 with a probable temporary rise due to new supply opening in 2018, with rents expected to continue to increase at a moderate pace, according to the latest CBRE research.
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