CBRE Arranges $11.5 Million Sale of 32-Unit Multifamily Community in Orange, Calif.
19 Nov 2020
Largest apartment complex to be sold in the City of Orange since 2016
Newport Beach, Calif. – CBRE announced the sale of Batavia Gardens, a 32-unit multifamily community in Orange, Calif. to a local 1031-exchange investor for $11.5 million, or $359,375 per unit.
Located at 345 N. Batavia Street, Batavia Gardens features two-bedroom townhome floorplans with private patios and community amenities, such as a gated entry, swimming pool and laundry facilities. Recent exterior improvements include new paint, stucco repair, new roofing and a pool deck.
“This is the first time Batavia Gardens has been offered for sale in more than 40 years,” said Blackwell. “The property’s location, rental demand and embedded value made it a strong acquisition opportunity. This is the largest apartment complex to be sold in the City of Orange since 2016.”
Within walking distance to Chapman University and just over one mile to Old Towne Orange, the property is a rare asset, which sits on 1.8 acres with prominent visibility along Batavia Street.
CBRE also represented the seller, a local investor, in the transaction.
CBRE Group, Inc. (NYSE:CBRE), a Fortune 500 and S&P 500 company headquartered in Dallas, is the world’s largest commercial real estate services and investment firm (based on 2021 revenue). The company has more than 105,000 employees (excluding Turner & Townsend employees) serving clients in more than 100 countries. CBRE serves a diverse range of clients with an integrated suite of services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at www.cbre.com.