The property traded in an off-market transaction to an all-cash 1031-exchange buyer
Orange County - CBRE announced the sale of a 32-unit multifamily property in Anaheim, California, to a local investor for $6.21 million, approximately $195,000 per unit.
CBRE’s Dan Blackwell and Sean Farag represented the all-cash, 1031-exchange buyer in the off-market transaction. This transaction marks the third Anaheim property this buyer has acquired through the team.
The apartment complex, which consists of four buildings on four contiguous parcels, is situated on a total lot size of 31,396 SF and is located at 1569, 1575, 1579, 1585 West Ball Road. Built in 1960, the property features a unit mix of 24 one-bedroom, one-bath units and eight two-bedroom, one-bath units and sits in a prime rental market of Anaheim, near the Disney Resort.
“Investor interest in Orange County multifamily properties continues to be extremely strong, and Anaheim is a focal point for many looking to own property in the region,” said Blackwell. “Property values have continued to climb due to a shortage of inventory and the ongoing expansion of the renter pool in this area, and despite some headwinds due to rent control laws, this year has been extremely strong, and we anticipate demand to remain solid in 2020.”
Added Farag, “We were able to negotiate competitive terms for this buyer to be awarded the deal. The transaction closed in 45 days and the buyer was able to complete his 1031 exchange.”
According to the latest CBRE research, the Orange County multifamily market has remained healthy, with a favorable vacancy rate and continued rent growth. The region’s performance has matched national trends. Net absorption totaled 160,900 units in the second quarter across the U.S., the highest quarterly demand total in at least 15 years, as vacancy fell to 4%, down by half a percentage point from the prior year.
Orange County - CBRE announced the sale of a 32-unit multifamily property in Anaheim, California, to a local investor for $6.21 million, approximately $195,000 per unit.
CBRE’s Dan Blackwell and Sean Farag represented the all-cash, 1031-exchange buyer in the off-market transaction. This transaction marks the third Anaheim property this buyer has acquired through the team.
The apartment complex, which consists of four buildings on four contiguous parcels, is situated on a total lot size of 31,396 SF and is located at 1569, 1575, 1579, 1585 West Ball Road. Built in 1960, the property features a unit mix of 24 one-bedroom, one-bath units and eight two-bedroom, one-bath units and sits in a prime rental market of Anaheim, near the Disney Resort.
“Investor interest in Orange County multifamily properties continues to be extremely strong, and Anaheim is a focal point for many looking to own property in the region,” said Blackwell. “Property values have continued to climb due to a shortage of inventory and the ongoing expansion of the renter pool in this area, and despite some headwinds due to rent control laws, this year has been extremely strong, and we anticipate demand to remain solid in 2020.”
Added Farag, “We were able to negotiate competitive terms for this buyer to be awarded the deal. The transaction closed in 45 days and the buyer was able to complete his 1031 exchange.”
According to the latest CBRE research, the Orange County multifamily market has remained healthy, with a favorable vacancy rate and continued rent growth. The region’s performance has matched national trends. Net absorption totaled 160,900 units in the second quarter across the U.S., the highest quarterly demand total in at least 15 years, as vacancy fell to 4%, down by half a percentage point from the prior year.
About CBRE Group, Inc.
CBRE Group, Inc. (NYSE:CBRE), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (based on 2018 revenue). The company has more than 90,000 employees (excluding affiliates), and serves real estate investors and occupiers through approximately 480 offices (excluding affiliates) worldwide. CBRE offers a broad range of integrated services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at www.cbre.com.
CBRE Group, Inc. (NYSE:CBRE), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (based on 2018 revenue). The company has more than 90,000 employees (excluding affiliates), and serves real estate investors and occupiers through approximately 480 offices (excluding affiliates) worldwide. CBRE offers a broad range of integrated services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at www.cbre.com.
