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Multifamily

Castlewood Park Apartments

6968 Campus Dr, Buena Park, CA 90621

Listing Price: $84,250,000

Cap Rate
3.06%
Number of Units
184
Price/Unit
$457,880
Price/Gross SF
$463.62
Gross SF
181,723

Investment Overview

The Leeson Group of Marcus & Millichap is pleased to announce its exclusive listing of Castlewood Park Apartments, a 184-unit multifamily community in Buena Park, California. This is a unique and rare opportunity to acquire an institutionally sized asset with proven value-add potential that has not been on the market in more than 30 years. Castlewood Park Apartments presents investors with a unique, valueadd opportunity to acquire 184 units situated on 8.39 acres across 20 separate parcels. The property features spacious two, three, and fourbedroom floor plans, of which 48 are townhome units. Castlewood Park Apartments offers amenities including garage, carport, and surface parking, on-site laundry facilities, swimming pools, a playground and more. Castlewood Park Apartments recently underwent a substantial exterior renovation of replacing all wood siding with stacked stone to offer its residents a modern and earthy element. Through the completion of an interior renovation plan, a new owner could realize a substantial increase of nearly 30 percent in rental income. Buena Park enjoys a strong resident base of high-income wage earners with the average annual household income projected to grow by 6.57 percent to $109,454 by 2026. Moreover, the combination of highly regarded public schools, proximity to employment centers, and a widening home affordability gap in the marketplace has led to the development of new class “A” communities in Buena Park and neighboring Fullerton. Accordingly, the submarket is expected to continue to attract the discerning renter priced out of coastal Orange County. As a result of rising demand, projected average effective rent growth is 4.8 percent year-over-year through 2025, while occupancy levels are estimated to average 98.1 percent over this same period. Given the strong market dynamics and rental demand, as well as the property’s fantastic location, Castlewood Park Apartments is well suited to provide investors with strong returns and value appreciation over the long term investment horizon.

Investment Highlights

  • Rare Offering: First Time on Market in 30+ Years
  • Excellent Value-Add Opportunity With Substantial Upside
  • Attractive Mix of Spacious Two, Three, & Four-Bedroom Flats & Townhome Units
  • 20 Separate Parcels Situated Across 8.39 Acres
  • Unique Property Layout Along Multiple City Blocks
  • Premier Location Adjacent to Buena Park High School
  • Close to Major Transportation Routes
  • Situated near Buena Park & West Anaheim Developments

Exclusively Listed By

Multifamily

Castlewood Park Apartments

Listing Price: $84,250,000

Cap Rate
3.06%
Number of Units
184
Price/Unit
$457,880
Price/Gross SF
$463.62
Gross SF
181,723

Investment Highlights

  • Rare Offering: First Time on Market in 30+ Years
  • Excellent Value-Add Opportunity With Substantial Upside
  • Attractive Mix of Spacious Two, Three, & Four-Bedroom Flats & Townhome Units
  • 20 Separate Parcels Situated Across 8.39 Acres
  • Unique Property Layout Along Multiple City Blocks
  • Premier Location Adjacent to Buena Park High School
  • Close to Major Transportation Routes
  • Situated near Buena Park & West Anaheim Developments

Investment Overview

The Leeson Group of Marcus & Millichap is pleased to announce its exclusive listing of Castlewood Park Apartments, a 184-unit multifamily community in Buena Park, California. This is a unique and rare opportunity to acquire an institutionally sized asset with proven value-add potential that has not been on the market in more than 30 years. Castlewood Park Apartments presents investors with a unique, valueadd opportunity to acquire 184 units situated on 8.39 acres across 20 separate parcels. The property features spacious two, three, and fourbedroom floor plans, of which 48 are townhome units. Castlewood Park Apartments offers amenities including garage, carport, and surface parking, on-site laundry facilities, swimming pools, a playground and more. Castlewood Park Apartments recently underwent a substantial exterior renovation of replacing all wood siding with stacked stone to offer its residents a modern and earthy element. Through the completion of an interior renovation plan, a new owner could realize a substantial increase of nearly 30 percent in rental income. Buena Park enjoys a strong resident base of high-income wage earners with the average annual household income projected to grow by 6.57 percent to $109,454 by 2026. Moreover, the combination of highly regarded public schools, proximity to employment centers, and a widening home affordability gap in the marketplace has led to the development of new class “A” communities in Buena Park and neighboring Fullerton. Accordingly, the submarket is expected to continue to attract the discerning renter priced out of coastal Orange County. As a result of rising demand, projected average effective rent growth is 4.8 percent year-over-year through 2025, while occupancy levels are estimated to average 98.1 percent over this same period. Given the strong market dynamics and rental demand, as well as the property’s fantastic location, Castlewood Park Apartments is well suited to provide investors with strong returns and value appreciation over the long term investment horizon.

Exclusively Listed By

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