Marcus & Millichap Brokers $79 Million Orange County Multifamily Asset Sale
February 22 2024 - 1:11PM
Business Wire
Marcus & Millichap (NYSE:MMI), a leading commercial real
estate brokerage firm specializing in investment sales, financing,
research and advisory services, announced today the sale of Chateau
de Ville, a 254-unit multifamily property in Anaheim, California.
The asset was brought to market for the first time in over 50 years
and traded for $79,076,710 or $311,326 per unit.
“Orange County has been the tightest major rental market in
California for the past three years, and this trend is projected to
continue with a fourth straight year of rent growth,” said Tyler
Leeson, executive managing director investments in Marcus &
Millichap’s Orange County office. Leeson and Matt Kipp, Marcus
& Millichap first vice president investments, represented the
seller, a long-term partnership, and procured the buyer, a private
investor. “As the only market in the nation to enter 2024 with
Class A and Class B multifamily vacancy rates below 4%, we expect
to see increasing competition for apartment assets throughout
Orange County,” said Kipp.
The property is in North Anaheim, home of Knott’s Berry Farm.
Interstate 5 is nearby, and California State University, Fullerton,
Hope International University, and Cypress College are within a
short drive. Anaheim’s major employers include Disneyland, Anaheim
Regional Medical Center, Kaiser Permanente and the Honda
Center.
Built in 1970 on nine acres, Chateau de Ville is a 21-building,
controlled-access community with a swimming pool, clubhouse and
fitness center. The unit mix is one- and two-bedroom apartments
with hardwood floors, walk-in closets, air-conditioning and a patio
or balcony.
About Marcus & Millichap, Inc. (NYSE: MMI)
Marcus & Millichap, Inc. is a leading brokerage firm
specializing in commercial real estate investment sales, financing,
research and advisory services with offices throughout the United
States and Canada. As of December 31, 2023, the company had 1,783
investment sales and financing professionals in over 80 offices who
provide investment brokerage and financing services to sellers and
buyers of commercial real estate. The company also offers market
research, consulting and advisory services to clients. Marcus &
Millichap closed 7,546 transactions in 2023, with a sales volume of
approximately $43.6 billion. For additional information, please
visit www.MarcusMillichap.com.
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version on businesswire.com: https://www.businesswire.com/news/home/20240222177615/en/
Gina Relva, VP of Public Relations
Gina.Relva@marcusmillichap.com
Marcus and Millichap (NYSE:MMI)
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