Two small apartment complexes nearly 60 years old in Anaheim have sold to different buyers for a combined $5.5 million, according to CBRE.
Two six-plex buildings at 1121-1125 West Fay Lane in Anaheim sold for $2.92 million or $243,333 per unit.
The buyer was not identified by CBRE but apparently was a repeat client for the brokerage. The seller also was not identified.
“Our team generated six competitive offers as a result of our marketing efforts,” said Dan Blackwell at CBRE. “The sale of the 12-unit property was one of two multifamily properties that the team recently sold for the seller.”
The 59-year-old complex sits on two parcels near the major South Harbor Boulevard and Lincoln Avenue. The properties span a total 9,724 square feet and include one- and two-bedroom floor plans. The average unit size is 810 square feet with patios in the majority of the units, CBRE said.
Amenities include a laundry facility, garage parking and a large central courtyard.
These two four-plex buildings at 311 and 315 S. Kroeger St. in Anaheim recently sold for $2.58 million, or $322,875 per unit. (Photo courtesy of CBRE)
Another repeat buyer with CBRE bought two four-plex buildings at 311 and 315 S. Kroeger St. in the city for $2.58 million, or $322,875 per unit. The seller was based in San Diego County and the buyer in Orange County.
That property is also 59 years old but is located in the trendy Historic Colony District of Anaheim. Each fourplex measures 3,681 square feet and includes two-bedroom units averaging 900 square feet and one three-bedroom unit averaging 1,025 square feet.
Amenities include a laundry facility and a shared courtyard.
A 16-unit apartment complex in Anaheim sold for $4.2 million, or $262,500 per unit, to Emile’s Mart Car Wash LLC. The seller was Stuart Little LLC. (Photo courtesy of Cushman & Wakefield)
16-unit complex sells for $4.2 million in Anaheim
A 16-unit apartment complex in Anaheim sold for $4.2 million, or $262,500 per unit, to Emile’s Mart Car Wash LLC, according to Cushman & Wakefield.
The seller was Stuart Little LLC.
Cushman reps said the two-building, two-story complex at 320-404 Guinida was fully leased at the time of sale.
“This was a great investment opportunity of a recently and significantly renovated apartment community that is well-located, turnkey and offers nice curb appeal,” said Mark Bridge, managing director at Cushman Wakefield. “Each of the 16 units was renovated to varying degrees.”
The property has 16 one-bedroom/one-bathroom units with floorplans averaging around 700 square feet. The complex, completed in the early 1950s, go a major overhaul in 2022 that included new paint and stucco, a new courtyard area, new fencing as well as new windows and new air conditioning systems for the units.
The complex is less than 1,000 feet from Disneyland Resort, Disney California Adventure Park, and Anaheim Marketplace shopping center.
In recent weeks a spate of small apartment buildings have transacted. A 12-unit apartment complex with a retail space in Costa Mesa sold for $3.2 million, according to CBRE. The brokerage said it has closed at least seven multifamily property sales in Costa Mesa in the past 18 months. Another 12-unit complex, repped by Morgan Skenderian Investment Real Estate Group, sold in Costa Mesa for $5.75 million.
This 27,535-square-foot medical office building in San Clemente sold for $12 million. CBRE, which represented the unidentified seller, said the property at 1300 Avenida Vista Hermosa was bought by a “Southern California-based high-net individual.” (Photo courtesy of CBRE)
South county office building scores $12 million
A 27,535-square-foot medical office building in San Clemente sold for $12 million.
CBRE, which represented the unidentified seller, said the property at 1300 Avenida Vista Hermosa was bought by a “Southern California-based high-net individual.”
Built 21 years ago, the two-story building sits on 1.66 acres at the southwest corner of Avenida Vista Hermosa and Avenida Pico. The building was nearly fully occupied, with seven medical tenants including Children’s Hospital of Orange County and Camino Health Center.
“The asset drew strong demand from investors, having received multiple strong offers within the first week of marketing. The buyer closed within 45 days of being awarded the property,” said Bryan Johnson, a director at CBRE.
Industry people
Irvine-based Avanath Capital Management has made several key executive hires, adding Kat Flowers as vice president of Education and Program Development and Matt Race as vice president of Building Services. Flowers spent 15 years with Legacy Partners Residential. Race previously held a variety of facility management roles over 30 years with CBRE, Walgreens and Goodwill Industries.
Ryan Miller is the new senior director of valuation and advisory services at Avison Young’s Irvine offices. He will focus on expanding services in the Western U.S., especially in Southern California. Miller comes to California from Avison Young’s offices in Edmonton Alberta.
Jimmy Kim is the new senior vice president at Kidder Mathews in Irvine. He specializes in commercial investment properties in Southern California. Previously, he led a team at Circa Properties in Orange County.
Milestones
The architectural firm Orange-based AO won Project of the Year for 2023 for Broadstone Atlas at Park & Paseo in Santa Ana.
The award came from Multifamily Executive Magazine, which held its awards ceremony in Dallas.
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Broadstone Atlas also won in its category of Best Mid-rise Development. The project topped nearly 240 nominations, according to AO.
The 483-apartment, five-story mixed-use development includes indoor and outdoor areas and amenities for residents. It is the third and final phase of Park & Paseo, an 18-acre multi-building enclave.
“Broadstone Atlas is a testament to the talent and dedication of our amazing team of designers and consultants, and the innovative vision of our client.” said Ed Cadavona, managing partner at AO. “Our goal is to design thoughtful developments that create a unique sense of place, deliver value, and provide residents with the space to live their best lives. I think Broadstone Atlas achieves that and more.”
Real estate transactions, leases and new projects, industry hires, new ventures and upcoming events are compiled from press releases by contributing writer Karen Levin. Submit items and high-resolution photos via email to Business Editor Samantha Gowen at sgowen@scng.com. Please allow at least a week for publication. All items are subject to editing for clarity and length.
