Fourth Sale Closes in Anaheim Multifamily Portfolio
Marcus & Millichap arranged the sale of Knott-Orange Apartments, a 35-unit multifamily property located at 515 S. Knott Ave. in Anaheim. The property sold for $9.65 million, or $275,714 per unit.
“This transaction marked the fourth closing from a larger Anaheim-area multifamily portfolio as the seller continues to reposition its holdings through a 1031 exchange strategy,” said Nick Kazemi, managing director investments. “The property sold for more than 99% of the asking price, with an extended escrow period to accommodate the seller’s exchange. The buyer plans to renovate unit interiors and make property improvements to increase rental income.”
Kazemi, Tyler Leeson and Matt Kipp, of Marcus & Millichap’s Orange County office, and Drew Holden, of the firm’s Las Vegas office, marketed the property on behalf of the seller, a family that had owned and operated the property for more than 30 years, and procured the buyer, a Southern California-based property management company.
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Brokers
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Remax Real Estate Professionals
Re/Max Real Estate Professionals
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Jared Ennis
Central CA Commercial | California
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Rick Recckio
Recckio Real Estate & Development
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Greg Corbin
Northgate Real Estate Group
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