CBRE announced the sale of two multifamily rental communities totaling 20 units for over $5.5 million in Anaheim, California to two separate buyers.
In the first transaction, CBRE’s Executive Vice President Dan Blackwell, Senior Associate Andrew Boukather, and Associate Amanda Fielder represented the seller in the sale of two six-plex buildings totaling 12 units at 1121-1125 West Fay Lane in Anaheim for $2.92 million, representing $243,333 per unit and $300 per square foot. Blackwell and CBRE Vice President Sean Farag represented the Orange County-based buyer, a repeat client. The seller was a private investor based in Orange County.
“Our team generated six competitive offers as a result of our marketing efforts,” Blackwell said. “The sale of the 12-unit property was one of two multifamily properties that the team recently sold for the seller.”
Built in 1964, the 12-unit multifamily property at 1121-1125 West Fay Lane sits on two parcels totaling 0.37 acres near the major thoroughfare of South Harbor Boulevard and Lincoln Avenue. The property consists of two, two-story, six-unit buildings totaling 9,724 square feet, offering one- and two-bedroom floor plans. The average unit size is 810 square feet with patios in the majority of the units. Community amenities include a laundry facility, garage parking and a large central courtyard with well-maintained landscaping.
The property at 1121-1125 West Fay Lane is an excellent northern Orange County location, adjacent to the 5 Freeway, near the major thoroughfare of South Harbor Boulevard, walking distance to schools, minutes to cultural activities, shopping, restaurants, and job centers including 1.1 miles from downtown Anaheim and the Anaheim Packing District.
In the second transaction, Blackwell, Boukather, and Farag represented a repeat buyer in the purchase of two four-plex buildings totaling eight units at 311 & 315 S. Kroeger Street in Anaheim for $2.58 million, representing $322,875 per unit and $351 per square foot. The seller was a private investor based in San Diego County and the buyer was a private investor based in Orange County.
“Our team also assisted both buyers by arranging financing through our lender network,” noted Blackwell. “These two sales represent CBRE Multifamily SoCal Team’s 92nd and 93rd Anaheim closings. Both West Fay Lane and Kroeger Street properties are well located and have below-market rents, providing a strong investment opportunity with exceptional growth.”
The eight-unit multifamily property at 311 & 315 S. Kroeger Street, which was built in 1964 on 0.30 acres (encompassing two parcels), is located in the Historic Colony District of Anaheim, within walking distance to city hall, Citrus Park, less than three miles from Disneyland, and minutes to Angel Stadium, shopping, restaurants and more. Each two-story, 3,681-square-foot fourplex offers three spacious two-bedroom units (900 square feet) and one three-bedroom unit (1,025 square feet). All units have a private patio or balcony, parking garage and wall heater, and are separately metered. Community amenities include a laundry facility and a shared courtyard with lush landscaping.
Blackwell adds, “Our team has relationships with a diverse buyer profile set, including 1031 exchange buyers and local-reoccurring investors who aggressively chase quality properties when the opportunity arises. Many first-time buyers are also interested in placing capital in the Orange County multifamily market.”