Anaheim's housing market saw a significant transaction with the sale of Knott-Orange Apartments, a 35-unit multifamily property located at 515 S. Knott Ave. The complex was acquired for $9.65 million, equating to approximately $275,714 per unit.
Marcus & Millichap, a commercial real estate brokerage firm, facilitated the sale. Nick Kazemi, Tyler Leeson, and Matt Kipp from Marcus & Millichap’s Orange County office, along with Drew Holden from the firm’s Las Vegas office, had the exclusive listing for the property. They represented the seller and procured the buyer.
The seller was a family that had owned and operated the property for more than 30 years. This transaction marks the fourth closing from a larger multifamily portfolio in the Anaheim area, as the family continues to reposition its holdings through a 1031 exchange strategy. The property sold for more than 99 percent of its asking price, and the escrow period was extended to accommodate the seller's exchange requirements.
The buyer is a Southern California-based property management company. This company intends to undertake renovations to the unit interiors and make other property improvements. These planned upgrades aim to increase rental income from the apartments, indicating a belief in the property's potential for operational upside. Nick Kazemi, a managing director investments, noted that the sale reflects "continued demand for well-located multifamily assets with operational upside in Orange County."
Built in 1977, the Knott-Orange Apartments span 32,325 square feet and are situated on a 1.25-acre parcel. The community comprises a mix of unit types, including six one-bedroom, one-bathroom units and 29 two-bedroom, one-bathroom units, totaling 35 residential units. Residents of the complex have access to several on-site amenities, which include a swimming pool, a spa, and shared laundry facilities.
The property's location in Anaheim provides convenient access to various employment centers, shopping destinations, and entertainment options throughout the broader Orange County region. The sale underscores ongoing investment activity in the local housing sector, with properties showing potential for improvement continuing to attract buyers.
Marcus & Millichap, the firm that arranged the transaction, specializes in commercial real estate investment sales, financing, research, and advisory services. The company operates numerous offices across the United States and Canada, providing brokerage and financing services to both sellers and buyers of commercial real estate. In 2025, Marcus & Millichap reported closing 8,818 transactions with a sales volume of $50.8 billion. The firm had 1,808 investment sales and financing professionals at year-end, serving clients across its extensive network.