Los Angeles – CBRE arranged the sale of a 33-unit multifamily property in Anaheim, Calif. to a Newport Beach-based 1031-exchange buyer. The property sold for $12.1 million or $366,969 per apartment, a record per-unit price in the City of Anaheim.
Dan Blackwell and Sean Farag of CBRE represented the seller, an Orange County-based private real estate investor with an approximately 1,500-unit portfolio.
Located at 2910 W. Ball Road, the property features one- and two-bedroom apartments across five two-story buildings. It sits in proximity to retail and dining amenities and is 4.3 miles from the Disneyland Resorts. The apartment units have been upgraded and the majority feature private patios. Common amenities include a swimming pool and laundry facility.
The team also represented the private buyer, who has developed or acquired a total of 7,384 multifamily units across the region, in the transaction.
“We know who the 1031-exchange buyers and active investors are in the marketplace, so we were able to quickly identify and connect the best parties,” said Blackwell. “This marks our team’s 88th closing in the City of Anaheim.”
The demand for rental units, catalyzed by new household formation, is expected to match the pace of new deliveries in 2022, according to the CBRE U.S. Real Estate Market Outlook for 2022.
About CBRE Group, Inc.
CBRE Group, Inc. (NYSE:CBRE), a Fortune 500 and S&P 500 company headquartered in Dallas, is the world’s largest commercial real estate services and investment firm (based on 2021 revenue). The company has more than 105,000 employees (excluding Turner & Townsend employees) serving clients in more than 100 countries. CBRE serves a diverse range of clients with an integrated suite of services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at www.cbre.com.
