Anaheim Deal Represents Investor’s First Multifamily Buy Since 1993
Marcus & Millichap arranged the sale of Nine-Eighteen Apartments, a 32-unit multifamily property in Anaheim. The property sold for $7.1 million, or $221,875 per unit.
“Nine-Eighteen Apartments presented a compelling opportunity to acquire a well-located multifamily asset with scale and long-term upside in the Anaheim market,” said Tyler Leeson, executive managing director investments. “The property’s strong fundamentals helped drive a successful all-cash transaction that closed within 30 days at nearly 99% of the asking price.”
Leeson, Matt Kipp, Nick Kazemi and Drew Holden, investment specialists with Marcus & Millichap, marketed the property on behalf of the seller. Leeson, Kipp, Kazemi, Holden and Joe Berkson procured the buyer.
Built in 1975, Nine-Eighteen Apartments is located at 918 W. Romneya Dr. and consists of 32 units totaling 25,007 rentable square feet on 0.87 acres. The buyer, making its first multifamily acquisition since 1993, plans to maximize income while holding the property as a long-term investment.
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Brokers
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Remax Professionals
Re/Max Real Estate Professionals | New York
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Jared Ennis
Central CA Commercial | California
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Rick Recckio
Recckio Real Estate & Development
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Eamonn McConnell
Avison Young - CA - ON - Greater Toronto
Lenders
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Essex Property Trust, Inc.
California
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Josh A
California
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Bob Tuteur
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Andrew Schildcrout