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February 15, 2019
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OC Residential Property Picked Up by 1031 Exchange Investor in $8 Mil Deal


A 1031 exchange investor paid $7.95 mil for Athens Circle Apartments, a residential property in Buena Park that consists of 41 apartment units and two single-family homes.

The apartment complex, located at 7800-7900 Athens Circle, is in proximity to the 5 Fwy. It is situated near the Buena Park Entertainment Zone and two miles from Knott’s Berry Farm and Buena Park Downtown.

In the transaction, CBRE’s Dan Blackwell represented the buyer and the seller, a family trust.

“This asset, which had never been on the market, consists of eight buildings on two parcels totaling a tremendous lot size of 2.03 acres,” noted Blackwell. “Located within walking distance to The Source OC of the “E-Zone,” this was a unique value-add investment opportunity with as much as 20 percent upside in income and future redevelopment potential.”

The rental market in Buena Park has been strong. Multifamily development and rent growth across Orange County is projected to continue due to the shortage of available inventory, high home prices and the influx of Millennials into the renter pool, according to CBRE research. Orange County’s population is set to grow from 3.2 million today to 3.5 million by 2040, which is likely to continue to drive demand for apartments.

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