In a sign that the Orange County multi-family housing market continues to gain momentum among investors, Colliers International recently closed the sale of a 28-unit apartment complex in Anaheim as part of a 1031 Exchange transaction valued at $5,875,000.
Located at 3520 W. Savanna, the development, known as the Savanna Villas, is composed of 22 two-bedroom, two-bath units and 6 three-bedroom, two-bath units. Built in 1987, the property sold for $209,821 per apartment unit, or approximately $228 per square foot. It includes such amenities as a pool, laundry facilities and subterranean parking.
Pat Swanson and Brett Bayless of the Swanson Apartment Team at Colliers International represented the 1031 Exchange Buyer, a private investor who had recently listed and sold 9 units located at 10729 Telechron Ave., Whittier, CA. The total consideration of that transaction was $1,549,000.
“This transaction is a great example of our team assisting a buyer to achieve all of their investment objectives through a 1031 Tax Deferred Exchange,” said Swanson. “With the for-sale housing markets continuing to make it difficult for entry-level buyers to purchase homes due to high pricing, we expect substantial rental increases over the next three to five years. Now is a great time for apartment owners to increase the number of units owned.”