Marcus & Millichap recently completed the sale of Empire Apartments, a 29-unit multifamily property in Anaheim. The property sold for $8.5 million, or $293,103 per unit.
“This transaction was completed all cash and non-contingent at signing, with a 26-day escrow,” said Tyler Leeson, executive managing director investments. “It also represents the first closing from a broader Anaheim-area multifamily portfolio the seller is repositioning as part of a 1031 exchange strategy into apartment properties elsewhere in Orange County. We remain positive on the market as well-located properties with renovation and operational upside continue to draw buyer demand.”
Leeson, Drew Holden, Matt Kipp and Nick Kazemi, of The Leeson Group in Marcus & Millichap’s Orange County office, marketed the property on behalf of the seller, a family that had owned the property for more than 30 years. They also procured the buyer, a large property management company.
Built in 1964, Empire Apartments is located at 1215 S. Empire St. The buyer plans to modernize unit interiors as they turn.
The post Anaheim Sale is First Closing in Broader Multifamily Portfolio appeared first on Connect CRE.
