Marcus & Millichap, a leading commercial real estate brokerage firm specializing in investment sales, financing, research and advisory services, announced the sale of Le Chateau Apartments, a 76-unit apartment asset in Anaheim, California. The property sold for $27.45 million, or $361,184 per unit.
“On the market for the first time in more than 40 years, Le Chateau is located 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,” said Tyler Leeson, executive managing director investments in Marcus & Millichap’s Orange County office. “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,” said Drew Holden, first vice president investments. “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.” Leeson and Marcus & Millichap’s Matt Kipp and Nicholas Kazemi represented the seller. Holden procured the buyer.
Le Chateau is in West Anaheim, close to Interstate 5 and State Route 91, which connect residents to employment hubs throughout Southern California. Disneyland, Downtown Anaheim, and the Anaheim Packing District are 1.5 miles away and Aldi and Target are within walking distance. Fullerton College and the Norwalk/Santa Fe Springs Metrolink rail station are within a short drive.
Marcus & Millichap, Inc. (NYSE: MMI) is a leading brokerage firm specializing in commercial real estate investment sales, financing, research and advisory services with offices throughout the United States and Canada. As of December 31, 2023, the company had 1,783 investment sales and financing professionals in over 80 offices who provide investment brokerage and financing services to sellers and buyers of commercial real estate. The company also offers market research, consulting and advisory services to clients. Marcus & Millichap closed 7,546 transactions in 2023, with a sales volume of approximately $43.6 billion.
