Marcus & Millichap, a commercial real estate brokerage specializing in investment sales, financing, research, and advisory services, has announced the sale of a significant multifamily property in Anaheim. The Knott-Orange Apartments, a 35-unit complex located in Orange County, was acquired for $9.65 million. This translates to a sale price of $275,714 per unit, reflecting a notable investment in the local real estate market.
The transaction was facilitated by a team of brokers including Nick Kazemi, Tyler Leeson, and Matt Kipp from Marcus & Millichap’s Orange County office, who collaborated with Drew Holden from the firm’s Las Vegas office. This team held the exclusive listing for the property, successfully marketing it on behalf of the seller and ultimately procuring the buyer. The seller, a local family, had maintained ownership and operation of the apartment property for more than 30 years. Their decision to sell is part of a larger strategy to reposition their real estate holdings through a 1031 exchange.
Nick Kazemi, a managing director investments with the firm, stated that this particular sale marks the fourth closing from an Anaheim-area multifamily portfolio. He indicated that the property sold for over 99 percent of its initial asking price. An extended escrow period was arranged specifically to accommodate the seller’s exchange strategy. The buyer, identified as a Southern California-based property management company, has articulated plans to undertake extensive renovations to the unit interiors and implement general property improvements. These planned upgrades are aimed at increasing future rental income, an objective that Kazemi highlighted as reflecting "continued demand for well-located multifamily assets with operational upside in Orange County."
The Knott-Orange Apartments, originally constructed in 1977, encompass a substantial 32,325 square feet of living space on a 1.25-acre parcel. Situated at 515 S. Knott Ave. in Anaheim, the community offers a diverse unit mix. It includes six one-bedroom, one-bath units and 29 two-bedroom, one-bath units, catering to various residential needs. For the convenience of its residents, the property is equipped with a swimming pool, a spa, and on-site laundry facilities.
Its Anaheim location positions the property to provide residents with advantageous access to the broad range of employment opportunities, diverse shopping centers, and popular entertainment destinations available across Orange County.
