Marcus & Millichap brokers $8.5M sale of 29-unit Anaheim building

Marcus & Millichap brokered the $8.5 million sale of Empire Apartments, a 29-unit building at 1215 S. Empire St. in Anaheim, at $293,103 a unit.

The sale is the first closing in a broader Anaheim-area multifamily portfolio the seller is repositioning through a 1031 exchange into apartment properties elsewhere in Orange County, Connect CRE reported Oct. 20. The seller is a family that owned the building for more than 30 years.

For advisors with clients holding long-held rental property, the sale gives a current Anaheim comparable — a 1964-built, 29-unit building, priced all cash and non-contingent at signing. Because the family is trading into replacement apartments rather than cashing out, the rest of the portfolio likely supplies further Anaheim-area pricing points as those buildings close, though the coverage does not say how many properties remain or when they trade.

Tyler Leeson, an executive managing director of investments at Marcus & Millichap, said the deal closed all cash and non-contingent at signing with a 26-day escrow. "We remain positive on the market as well-located properties with renovation and operational upside continue to draw buyer demand," Leeson said in the report.

Leeson worked the sale with Drew Holden, Matt Kipp and Nick Kazemi of The Leeson Group in Marcus & Millichap's Orange County office, which marketed the property for the family and procured the buyer, a large property management company. The buyer plans to modernize unit interiors as they turn at the 1964-built property.