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10/30/24
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A private investor sold one multifamily property and acquired another, both in Anaheim, in recent 1031 exchange transactions totaling $16.77 mil. The assets, have a combined 53 units.
“Our client wanted to trade their existing 20-unit, 1960s apartment property, Pearson Gardens, for a newer property with more units, a better location, and increased cash flow,” said Dan Blackwell, Executive Vice President at CBRE. “We assisted our client in identifying and acquiring a suitable upleg property that met their criteria before facilitating the sale of their existing downleg property. This resulted in their acquisition of a late 1980s apartment complex, Aria Apartments, increasing their total units to 33, with more cash flow and a better, more desirable Anaheim neighborhood. Our client successfully closed escrow on their upleg property less than three weeks after the closing of their downleg property.”
In the upleg transaction, the OC-based 1031-exchange buyer purchased Aria Apartments, a 33-unit asset at 2910 W. Ball Rd in Anaheim, for $10.97 mil ($332.4k/unit). Blackwell and CBRE colleague Amanda Fielder repped both parties in the deal.
Aria Apartments, built in 1986, consists of six two-story buildings totaling 24.8k sf of rentable space on 1.19 acres. The property features a mix of one- and two-bedroom floor plans and is individually metered for gas and electricity.
Community features include an onsite laundry facility, 59 covered parking spaces, attractive landscaping, secured gated access, and a common area patio with a BBQ. The seller recently invested over $600k in interior and exterior renovations. The community is located near the major thoroughfares of Ball Rd and Beach Blvd, within walking distance of dining and retail, and just 4.3 miles from Disneyland Resorts.
Additionally, CBRE’s Blackwell and Fielder represented the same exchange buyer in the sale of their 20-unit downleg property, Pearson Gardens, located at 314 E. Pearson Ave in Anaheim. The property sold for $5.8 mil ($290k/unit). Blackwell and Fielder, along with CBRE’s Sean Farag, represented the South OC-based property buyer, who sold single-family homes to exchange into the multifamily property to increase cash flow.
Pearson Gardens, built in 1962, consists of a two-story, 15.6k sf building on 0.59 acres at 314 E. Pearson Ave. The property features a mix of one- and two-bedroom floor plans and is individually metered for gas and electricity.
Community features include gated walk-in entry, central courtyard and BBQ area, well-maintained landscaping, 27 parking spaces, and an onsite laundry facility. The seller recently completed interior and exterior renovations. The property is located near Ponderosa Park and Anaheim Garden Walk and is close to Disneyland Resorts (2.0 miles).
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