Marcus & Millichap Arranges Sale of Orange County Property

The Chateau de Ville is situated in Anaheim.

The 254-unit controlled-access community was originally built in 1970. Image courtesy of Marcus & Millichap

Marcus & Millichap has arranged the $79 million sale of the Chateau de Ville community in Anaheim, Calif. The sale process represented the first time the asset had been on the market in the past 50 years. A private investor acquired the property, though their identity could not immediately be learned. could not immediately be learned. The current owner is The Williams Walters Co., according to Yardi Matrix data.

Built in 1970, Chateau de Ville offers 254 units in one- and two-bedroom units spread across 21 buildings. The apartments include walk-in closets, air conditioning and a patio or balcony, while community amenities include a pool, clubhouse and fitness center. Leeson told MHN that the community is 97 percent occupied and that the new ownership doesn’t have any plans for capital improvements but will renovate units as they turn.

Located at 2020 W. Alameda Ave., the community is a short drive away from the area’s major employers including Disneyland, Anaheim Regional Medical Center, Kaiser Permanente and the Honda Center, thanks to its proximity to Interstate 5. The community is also near several universities, including Hope International University, Cypress College and California State University, Fullerton.

One of California’s hottest rental markets

Orange County has been the tightest major rental market in California for the past three years and is expected to continue that streak, Leeson said in prepared remarks, noting that Orange County was the only market in the U.S. to enter this year with Class A and Class B multifamily vacancy rates below four percent.

According to Marcus & Millchap’s 2024 investment forecast for Orange County’s multifamily market, the Southern California submarket is expected to see approximately 3,300 units added to its housing stock this year. Anaheim is expected to have more new units added than any of the submarket’s cities. The report also noted that the rent numbers are expected to increase for the fourth straight year to an average effective rent of $2,870 per month. This would make Orange County Southern California’s highest cost rental market, surpassing Los Angeles.

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