Who’s Buying and Selling OC Multifamily Now?

Blackwell: “With rates on the rise, we have seen more urgency from investors to complete their exchanges and secure their financing while rates still remain low.”

NEWPORT BEACH, CA—Private investors looking to complete 1031 exchanges have led the way as the most active buyers and sellers of multifamily properties in Orange County in 2017, and they have a specific strategy in mind, CBRE SVP Dan Blackwell tells GlobeSt.com. Blackwell recently represented the seller and the buyer of Olive Street Apartments, a 14-unit apartment complex in Anaheim, to an undisclosed private investor in Anaheim for approximately $4.19 million; the price per unit of more than $299,000 was among the highest in the area; the transaction was part of a 1031 exchange.

The building, located at 129 South Olive St. and in proximity to Downtown Anaheim and the Anaheim Packing District, features two-bedroom, two-bathroom townhome floorplans. Each unit is more than 1,000 square feet with vaulted ceilings and patios and balconies. Building amenities include a secured gated entry, 32 subterranean garage spaces and an on-site laundry facility.