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August 9, 2020
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OC Apartment Sale Trades at $305k/Unit


Gilden Properties LLC paid $5.5 mil for an 18-unit ($305.5k/unit) apartment complex in the City of Orange.

The property sits within a residential neighborhood, just one mile from Chapman University. The two, single-story buildings are situated on a 42.8k sf parcel of land at 1527 and 1541 East Walnut Ave. They contain all two-bedroom units with front courtyards and private rear yards.

Dan Blackwell of CBRE represented the buyer, a local investor, in the transaction. The seller, also a private investor, was repped by Tom Williams of Windsor Investments.

According to Blackwell, the buyer was able to outbid more than 10 other offers on the table by offering competitive terms and the ability to close within 17 days.

This is Blackwell’s third closing in recent weeks. He and team member, Sean Farag, just closed the sale of a 12-unit property at 15828 Landmark Drive in Whittier for $3.3 mil to a family trust. Blackwell, together with colleague Mike O’Neill, also facilitated a $2.85 mil sale of a 6-unit building at 245 Cypress Drive in North Laguna Beach to a 1031-exchange buyer.

Investor demand for multifamily assets is likely to remain strong. 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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