Marcus & Millichap (NYSE:MMI) announced the sale of Chateau de Ville, a 254-unit multifamily property in Anaheim, California for $79 million, or $311,326 per unit.
Built in 1970 on nine acres, Chateau de Ville is a 21-building, controlled-access community with a swimming pool, clubhouse and fitness center. The unit mix is one- and two-bedroom apartments with hardwood floors, walk-in closets, air-conditioning and a patio or balcony.
Tyler Leeson, executive managing director investments in Marcus & Millichap’s Orange County office, and Matt Kipp, Marcus & Millichap first vice president investments, represented the seller, a long-term partnership, and procured the buyer, a private investor.
“Orange County has been the tightest major rental market in California for the past three years, and this trend is projected to continue with a fourth straight year of rent growth,” said Leeson.
“As the only market in the nation to enter 2024 with Class A and Class B multifamily vacancy rates below 4%, we expect to see increasing competition for apartment assets throughout Orange County,” added Kipp.