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3/13/17
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Olive Street Apartments, a 14-unit multifamily property in Anaheim, was purchased by a private investor for $4.19 mil, or $299k per unit. The buyer made the acquisition as part of a 1031 exchange.
The building, located at 129 South Olive St, in proximity to Downtown Anaheim and the Anaheim Packing District, features two-bedroom/two-bathroom townhome floorplans. Each unit is more than 1k sf with vaulted ceilings and patios and balconies. Building amenities include a secured gated entry, 32 subterranean garage spaces and an on-site laundry facility.
CBRE’s Dan Blackwell represented both parties in the transaction. The Orange County multifamily market had one of the lowest vacancy rates in the country at 4%, according to CBRE’s fourth-quarter research report.
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