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For the initial time because the Clinton administration, the 184-unit, multifamily Castlewood Park Apartments in Orange County is up for sale.
The Leeson Group of Marcus & Millichap mentioned Castlewood Park in the metropolis of Buena Park for $84.2 million. The vendor is Newcastle Enterprises, based mostly in Huntington Seaside. Newcastle, helmed by dentist Leonard S. Carlin, obtained the home in 1994 for $1.7 million.
Buena Park has a populace of 80,000 or so unfold alongside the 91 Freeway, on the boundary between Los Angeles and Orange counties. The 184-device intricate, located about a five-moment generate from the Knott’s Berry Farm amusement park, features unit ground options of 2, 3 and 4 bedrooms. About 50 % of its models are townhomes.
The inquiring charges occur to about $458,000 per unit, presenting yet another indicator of energy for rentals in north Orange County. The two-12 months-outdated significant-conclude condominium elaborate in Fullerton–just east of Buena Park–fetched a history price tag in late 2021.
In accordance to a 2022 Marcus & Milichap financial investment forecast for multifamily properties, Orange County has the difference of staying the nation’s tightest industry for flats. That follows prior stories on OC, where by vacancy vacancy level has been a lot less than 2 percent for higher-stop and mid-tier apartments.
The forecast predicted that the current market is very likely to keep on being tight as anything from source shortages in making elements to mounting fascination costs point out fees of for-sale housing will continue to be large.
Castlewood Park’s listing brokers famous that the compound’s exterior went by means of considerable renovation recently. The first wooden siding exteriors ended up changed with stacked stone. The compound’s facilities attribute a garage, a carport, area parking, on-web page laundry, a playground and swimming swimming pools.
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