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William Walters cashes out of Anaheim multifamily complex for $79M
Buyer pays $311K per unit in the “the tightest major rental market in California”
William Walters Company, a partnership of investors, has sold Chateau de Ville, a 254-unit multifamily property in Anaheim for $79 million to Chateau De Ville Investment LP, a local investment firm.
The complex, located at 2020 West Alameda Avenue, was on the market for the first time in half a century, and traded for about $311,000 per unit, according to a statement from brokerage Marcus & Millichap, which represented the seller.
The buyer paid $37 million for the property, per the deed obtained by TRD, and assumed debt as part of the transaction, according to a representative of the brokerage.
The manager of Chateau De Ville Investment LP is listed as Gerald Marcil, the head of Palos Verdes Investments, according to state records.
“Orange County has been the tightest major rental market in California for the past three years, and this trend is projected to continue with a fourth straight year of rent growth,” Tyler Leeson, a broker at Marcus & Millichap’s Orange County office, said in a statement.
Chateau de Ville, which was built in 1970, is a 21-building project that includes a swimming pool, clubhouse and fitness center.
Orange County’s multifamily vacancy rates — for Class A and Class B properties — currently sit below 4 percent, according to Marcus & Millichap’s Matt Kipp, who added he’s expecting to see “increasing competition for apartment assets” from investors across the county this year.
The multifamily market in Orange County has shown resilience in recent months with a handful of deals.
In January, Equity Residential sold Regency Palms, a 310-unit multifamily property in Huntington Beach, for $127 million. The previous month, Advanced Real Estate acquired a 714-unit apartment complex in Costa Mesa, for $234 million.