CBRE arranged the sale of a 12-unit multifamily property in Anaheim, Calif., to a private investor in a 1031 exchange. The sale price was $4.25 million, representing $354,166 per unit and $324 per square foot.
CBRE’s Executive Vice President Dan Blackwell and Senior Associate Andrew Boukather represented the seller, an Orange County, Calif.-based private real estate investor. Additionally, Blackwell, Boukather, along with CBRE Vice President Sean Farag, represented the Orange County-based exchange buyer in the transaction.
“Six competitive offers were generated as a result of our marketing efforts,” Blackwell stated. “The property, located in a prime location near the prominent intersection of Euclid Street and Ball Road in Anaheim, presented significant upside potential in a strong rental market with limited inventory.”
Blackwell adds, “We had been working with the buyer to find a suitable upleg property for his 1031 exchange. The buyer wanted to consolidate his properties into a single multifamily property and the Trident Street property was a good fit. The buyer desired to have a unit mix consisting of larger units and Trident Street had all two- and three-bedroom units. We arranged the close of escrow to align with his 1031 exchange requirement, and both the seller and the buyer were happy with the outcome.”
Located at 921-927 S. Trident Street, the property was constructed in 1962 and is comprised of two two-story buildings on 0.42 acres. It offers 10 two-bedroom and 2 three-bedroom floor plans, with unit sizes ranging from approximately 1,000 to 1,550 square feet. Most of the units have undergone renovations, including plank flooring throughout, new baseboards and blinds, updated bathroom vanity and newer shower, and new cabinets and countertops. The property also features a recently updated modern courtyard with two pergolas, two laundry facilities (one in each building), and a newer roof, as well as ample parking.
The Trident Street property is conveniently located within walking distance of retail, restaurants, services, schools and parks. It is also in close proximity to public transit, Interstate 5, and State Route 22 and 57 freeways, providing residents with access to amenities in both Los Angeles and Orange counties. With over 195,000 people within a three-mile radius, the average household income is $110,104.
“We are seeing a slight uptick in deal activity under $5 million in the Orange County multifamily market. Buyers are actively participating and completing transactions,” Blackwell reports.
