Anaheim Multifamily Community Sells for $79M
Built in 1970, the property hadn’t hit the market in 50 years
By Nick Trombola February 27, 2024 1:45 pm
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A 254-unit multifamily property in Anaheim, Calif., has sold after hitting the market for the first time in 50 years.
Chateau de Ville, at 2020 West Alameda Avenue, was purchased by Palos Verdes Investments for $79 million, or just over $311,000 per unit, from owner Walters Management. Marcus & Millichap (MMI) represented Walters Management and announced the deal. Palos Verdes paid $37 million in cash and assumed the rest as debt, according to The Real Deal, which cited a representative from the brokerage firm.
“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,” Tyler Leeson, executive managing director for investments in Marcus & Millichap’s Orange County office, said in a statement.
“As the only market in the nation to enter 2024 with Class A and Class B multifamily vacancy rates below 4 percent, we expect to see increasing competition for apartment assets throughout Orange County,” added Matt Kipp, Marcus and Millichap’s first vice president, investments, in a statement.
Built in 1970, Chateau de Ville is a gated community composed of 21 buildings featuring one- and two-bedroom apartments. The community is a few blocks southwest of Interstate 5 and five miles east of Cypress College.
The multifamily market in Orange County has proven robust in recent months. Earlier in February, Alex Wang, of development firm Panku, clinched an $82 million refinancing loan for a 272-unit project in Irvine dubbed The Cartwright. In mid-January, Chicago-based Equity Residential sold off the 310-unit Regency Palms in Huntington Beach for $127 million.
The market looked good even before the start of the new year. TruAmerica Multifamily acquired Nineteen01, a 264-unit property in Santa Ana, to the tune of $103 million in September, while Gelt Venture Partners paid $63.2 million for a 125-unit apartment in Placentia that same month.
Nick Trombola can be reached at NTrombola@commercialobserver.com.
