Anaheim Sale is First Closing in Broader Multifamily Portfolio
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.
