(Read more on the multifamilymarket.)

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ANAHEIM, CA-The 768-unit Madison Park apartment complex has hitthe market at an asking price of $170 million. The complex is thelargest multifamily property to be brought to market in SouthernCalifornia since 2004, according to exclusive listing agent GregHarris of Marcus & Millichap.

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Built in 1969 and renovated with $14 million of improvements in2006, Madison Park comprises 12 three-story buildings on an18.5-acre site at 2235 W. Broadway. Harris tells GlobeSt.com thatin addition to being the largest asset of its type to be marketedin Southern California since 2004, the property is unusual in anumber of other respects, including its below-market rents and itsamenity package.

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“Asking rents are over 30% below all new product coming tomarket,” Harris says, adding that the opportunity for rent growthis insulated further from future competition because there are nocompeting properties within a four-mile radius. At the same time,he says, the resort-style amenity package “competes with newlyconstructed apartments.”

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Harris describes Madison Park as an institutional quality, coreasset whose owners, West Coast-based institutional investors, haveplaced it on the market “to diversify and re-leverage theirequity.” The 2006 renovation included $5,500 per unit of interiorupgrades, along with an extensive remodeling of the 18,000-sflobby/clubhouse and lounge, landscape redesign, new decks andbalconies, a modern paint scheme and a state-of-the-art fitnesscenter.

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Other common area amenities at the property include three pools,a spa, four lighted tennis courts, a billiards/game room, a movietheater, a business center, an aerobics room and banquetfacilities. The unit mix consists of seven different floor plansranging from studio to two bedrooms, at sizes ranging from 361 sfto 987 sf.

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Harris says that the property is expected to attract prospectivebuyers for its location as well as for the complex itself. Anaheimis the largest city in Orange County, with 345,000 residents and ahost of attractions such as Disneyland, Disney's CaliforniaAdventure, a host of sports venues, entertainment centers and otherattractions.

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