Newport Beach, Calif. –– CBRE announced the sale of a 56-unit apartment property in Anaheim, Calif. for $15.6 million to a private investor.
CBRE’s Dan Blackwell represented the buyer.
“The Orange County market is very competitive right now, and we are working with many property investors on both on- and off-market opportunities to help execute multifamily trades,” said Blackwell.
Located at 1251 N. Placentia Avenue, the two-story property built in 1973 sits on 2.35 acres and features one- and two-bedroom floorplans as well as a swimming pool and laundry facility.
“Our team was able to source a qualified buyer who closed at a sale price representing $279,000 per unit or $395 per square foot,” said Blackwell. “The buyer took advantage of the attractive lending terms in the market and obtained 2.5 percent fixed financing for seven years with a 35 percent down payment.”
Including this latest acquisition, Blackwell and his team have helped the buyer assemble an 84- unit multifamily portfolio valued at more than $24 million. This was the team’s 80th Anaheim sale.
Blackwell also represented the seller, a local private investor, in the transaction.
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 2020 revenue). The company has more than 100,000 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.
