Per-square-foot price is among highest in the area this year
Los Angeles – Aug. 9, 2016 – CBRE Group, Inc. announced the completion of the sale of French Country Apartments located in Anaheim, California, for $7 million. The 33-unit residential community sold for $277 per square foot, which is among the highest multi-family prices in the area this year.CBRE’s Dan Blackwell represented the undisclosed buyer, and Berkadia represented the seller,
Interstate Equities Corporation, a multifamily investment company.
French Country, a property built in 1986 and situated on 1.19 acres, consists of seven, twostory
residential buildings, a swimming pool, and an on-site laundry facility. The complex is located in the North Anaheim area with easy access to freeways, and is just minutes away from numerous community amenities.
“The buyer had been searching for their next multifamily acquisition for some time,” said Blackwell. “We knew French Country would fit their investment criteria being a 1986 construction fronting Ball Road with 15-20 percent upside in rent. This type of deal is very hard to find in Orange County, so we immediately jumped on writing a non-contingent offer and closed in 45 days.”
Anaheim’s theme parks, high-end retail, proximity to beaches, and convention center, as well as its entertainment-driven industry have drawn new residents to the city, fueling demand for housing. Orange County has maintained one of the lowest unemployment rates in Southern California. The county’s unemployment rate decreased to 3.6 percent as of the second quarter, representing a year-over-year decrease of 60 basis points, according to the Bureau of Labor and Statistics, Orange County’s.
“Orange County hubs, such as Anaheim, have really benefitted from the economic growth in
the region,” says Blackwell. “That cuts across all real estate sectors, such as office and retail,and is particularly pronounced in the residential segment where demand has been strong. That in turn has attracted investors looking for safe, yield-producing assets.”
The U.S. multifamily industry is likely going to go through its seventh consecutive year of strong market fundamentals in 2016, as cyclical and structural trends continue to create strong demand. Vacancy rates remain relatively low and rental growth is above the historical average, according to a CBRE U.S. multifamily research report.
About CBRE Group, Inc.
CBRE Group, Inc. (NYSE:CBG), 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 2015 revenue). The Company has more than 70,000 employees (excluding affiliates), and serves real estate investors and occupiers through more than 400 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.
