Marcus & Millichap recently facilitated the sale of Le Chateau Apartments, a 76-unit apartment complex in Anaheim. The property was sold for $27.45 million, equating to $361,184 per unit.
According to Tyler Leeson, executive managing director investments at Marcus & Millichap’s Orange County office, this was the first time in over four decades that Le Chateau had been on the market. Its location in a submarket with some of the lowest vacancy rates for Class A and Class C assets on both a national and West Coast level made it an attractive investment opportunity.
The transaction closed within just 23 days thanks to Drew Holden’s expertise as first VP investments at Marcus & Millichap. He helped secure a multifamily investor through a 1031 exchange who took advantage of significant equity from selling their Las Vegas property. Despite current economic conditions, this buyer recognized the potential for low vacancy rates and steady rent growth within Orange County’s apartment market.
Leeson worked alongside Matt Kipp and Nicholas Kazemi from Marcus & Millichap to represent an undisclosed seller while Holden brought forth the buyer.
Built back in 1964 near Interstate 5 and State Route 91 – two major routes connecting residents with job opportunities throughout Southern California – Le Chateau offers prime real estate located at1670 W Broadwayin West Anaheim.
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