SoCal Multifamily Asset Sells for $28M

Marcus & Millichap (MMI) casts a long chateau in Orange County, Calif., apparently.

The international brokerage firm has arranged the sale of Le Chateau Apartments at 1670 West Broadway in Anaheim for $27.5 million. Marcus & Millichap’s Tyler Leeson, Matt Kipp and Nicholas Kazemi represented the trio of private sellers, listed as Dana Springer, Michelen Yamashita and Clark Biggers III on documents sourced via PropertyShark.  Marcus & Millichap’s Drew Holden found the buyer, a registered limited liability company associated with local investor David Yazdinian, according to property records.

“On the market for the first time in more than 40 years, Le Chateau is in a submarket with the tightest multifamily vacancy rates for Class A and Class C assets in the country and on the West Coast, respectively,” Leeson said in a statement.

Built in 1964, the 76-unit property is in West Anaheim, just a few blocks south of Interstate 5 and about a mile and a half south of Highway 91. 

“We closed the transaction in 23 days with a multifamily investor in a 1031 exchange who captured significant equity from the sale of a Las Vegas property,” added Holden. “In the current economic environment, the buyer was attracted to the low vacancy rate and stable rent growth found in the Orange County apartment market.” 

Indeed, multifamily trades in the county have remained strong and reliable in recent months, with Marcus & Millichap playing no small part. The firm helped arrange the $79 million sale of a 254-unit apartment property in Anaheim at the end of February, representing seller Walters Management. 

More recently, multifamily investor Advanced Real Estate nabbed $60 million in Freddie Mac financing for a two-property portfolio in Fountain Valley and Santa Ana. 

Nick Trombola can be reached at ntrombola@commercialobserver.com.