Dealmaker: Marcus & Millichap Brokers $19M Orange County Multifamily Sale

Marcus & Millichap, Calabasas, Calif., sold Village Courtyard Apartments in Stanton, Calif., for $19 million, or $328,017 per unit.

Located in North Orange County, Village Courtyard Apartments is one of the few 50-plus unit multifamily properties in Stanton, said Tyler Leeson, Executive Managing Director of Investments with Marcus & Millichap. He noted the buyer plans to grow the property’s income stream by renovating all units to modern specifications.

Leeson and Marcus & Millichap First Vice President of Investments Matt Kipp represented the seller and procured the buyer, both private individuals.

Demand drivers for the 58-unit Village Courtyard Apartments include The Promenade, Garden Grove’s largest entertainment center, anchored by Walmart Super Center, Regal Cinemas and Cypress College.

Leeson sais Stanton’s average occupancy exceeds 97 percent and the city has seen 5.6 percent average yearly rent growth from 2013 to 2021, “thus demonstrating the strong demand for rental housing.”