MBK Rental Living has sold its 2-year-old Zia apartment complex in Anaheim, California, with Boston-based TA Realty paying $147.5M for the property, according to The Registry SoCal. MBK's own announcement did not name the buyer or disclose a sale price, and TA Realty declined a request for comment from Bisnow. The transaction matters because it provides a concrete, high-visibility data point for Orange County multifamily pricing at a moment when the market's median sale price is rising modestly but remains far below the per-unit value achieved here.
The five-story, 315-unit Zia opened in September 2024 and contains a mix of studios and one-, two- and three-bedroom apartments ranging from approximately 600 SF to 1,900 SF. The complex at 1600 W. Lincoln Ave. was developed as a joint venture of MBK Rental Living and Haseko Corp. Cushman & Wakefield's Marc Renard, Morgan Jackson, Manfred Schaub and Joyce Bee arranged the transaction on behalf of MBK. At $147.5M, the sale works out to roughly $468K per unit, a figure that stands well above the Orange County year-to-date median of about $326K per unit reported by Northmarq.
The evidence for the pricing context comes from a Q2 2026 Northmarq report cited by Bisnow. That report shows Orange County's multifamily vacancy rate remained stable in the second quarter at 4.6%, the same rate as in Q1 2026. The median sale price year-to-date was roughly $326K per unit, a 6% increase from the same period in 2025. The Zia transaction's $468K per unit therefore represents a premium of more than 40% over the market median, though the dossier does not provide property-level detail on why the asset commanded that price. The second quarter's biggest multifamily sale was Eagle Real Estate Partners' acquisition of the 402-unit Crystal View Apartments in Garden Grove, which traded for $132.5M, a lower total price for a larger unit count.
The sale also sits alongside another recent Anaheim multifamily deal. Earlier the same week, a Tishman Speyer fund bought Rise, a 380-unit apartment complex in Anaheim. Details of that acquisition were not shared, but Tishman used an $88M Freddie Mac loan in the process, The Real Deal reported. Taken together, the two Anaheim transactions suggest continued institutional interest in Orange County multifamily assets, even as the public evidence remains limited to a single full-text source and secondary reporting. The Zia sale's premium pricing may reflect the property's age, unit mix, or location, but those factors are not documented in the available material.
Several limitations apply to this analysis. The dossier is based on one source read in full, and key details such as the buyer's financing, capitalization rate, and the seller's rationale are not disclosed. MBK's release did not name the buyer or a sale price, and TA Realty declined to comment, leaving the $147.5M figure dependent on The Registry SoCal's reporting. What to watch next is whether subsequent Orange County multifamily trades confirm or challenge the premium implied by the Zia sale, and whether the stable 4.6% vacancy rate reported by Northmarq persists into the second half of 2026.