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The Oasis Anaheim, a 312-unit apartment complex in Anaheim, was sold for $ 146.5 million to Los Angeles-based Gelt Inc., according to JLL.
A joint venture led by Redhill Realty Investors sold the property at 3530 E. La Palma Ave.
JLL’s Sean Deasy, Ryan Fitzpatrick and Chelsea Jervis represented both sides of the deal.
The two-building Anaheim Canyon mixed-use development complex was built in 2009 on 5.21 acres. Each of the buildings features a combination of lofts, townhouses, and one- and two-bedroom units averaging 937 square feet. Facilities include a swimming pool, fitness center and yoga studio, clubhouse, business center and barbecue grills.
“The seller has done a very good job renovating approximately 30% of the units in this Class A property, and Gelt plans to make significant upgrades similar to the remaining 217 units,†said Josh Satin, vice president of acquisitions at Gelt.
These upgrades, Satin said, include the addition of quartz countertops, stainless steel appliances, hardwood floors, a tiled kitchen backsplash, an undermount sink with necked faucets. swan, as well as modern cabinetry and hardware.
New Brunswick company buys in San Diego
Orange County-based Dunbar Residential Investments bought Sunset Cliffs Apartments in San Diego County for $ 13.6 million, according to Cushman & Wakefield, who negotiated the sale.
The 52-unit complex comprises 11 buildings with one-story cottages and two-story townhouse-style apartments.
The seller was Appian Lane Associates.
Mark Bridge and Jon Mitchell of the Cushman & Wakefield Multifamily Advisory Group in Orange County represented the buyer and seller.
Buchanan buys in Texas
Buchanan Street Partners, a Newport Beach-based real estate investment management firm, has acquired 4600 Ross, a 294-unit apartment complex in Dallas.
The terms were not disclosed.
Buchanan purchased the property from Cypress Real Estate Advisors.
4600 Ross was completed in 2020 and has 51 studios, 166 one-bedroom units, and 72 two-bedroom units, with 5 three-bedroom townhouses. The property was 95% occupied at the time of the sale, Buchanan Street Partners said.
Facilities include air-conditioned hallways, high-end finishes, swimming pool, covered outdoor living space, parcel locker system, fitness center, yoga studio, sky lounge, animal spa and a dog park.
The acquisition is Buchanan’s third in the past 11 months in Texas.
TBN campus sold for $ 22 million
The former Trinity Broadcasting Network campus in Costa Mesa has been sold again, this time to Khoshbin Co. for $ 22 million, according to CBRE.
Khoshbin Co. is owned by real estate developer and supercar collector Manuchehr “Manny” Khoshbin.
Plans for the campus remain somewhat fluid, Khosbhin told us on Friday. Preliminary plans to add an auto museum, restaurant, and creative office space could change if a tech company takes an interest in the space.
Khoshbin has 2.3 million followers on Instagram where he can often be seen posting photos and videos on supercars. Car enthusiast websites estimate his personal car collection to be worth at least $ 50 million.
The real estate developer and investor purchases a property that has long been known for its light Christmas decorations that lit up Highway 405 near South Coast Plaza.
The Christian TV Network bought the 6-acre facility in 1996 for $ 6 million and sold it in 2017 for an undisclosed sum to Greenlaw Partners. The property at 3150 Bear St. has since changed ownership, and the property records show that the seller was Alliance South Coast Properties LLC.
According to city and state documents, the LLC is owned by EFEKTA Orange Inc., a Delaware-based education provider. The company requested in 2019 for an infrastructure change with the city to create an international language school of 627 students with three dormitories on the property.
TBN founder Paul Crouch – who said he heard God tell him to start a Christian TV channel almost 45 years ago – died in 2013. His wife and co-founder, Jan Crouch, died in May 2016.
The network continues to broadcast from a studio in Tustin.
Anthony DeLorenzo, Gary Stache, Doug Mack, Bryan Johnson and Justin Hill of CBRE represented the seller. Khoshbin Co. represented itself.
People in real estate
Doug Pearl has been appointed director of the mixed-use studio at AO, an architecture firm in Orange. He comes to AO with over 23 years of architectural and commercial real estate development experience. Its objectives will include the growth of the business sectors in the repositioning of retail and industrial mixed uses.
Julie Tran, agent in Irvine’s office at Berkshire Hathaway HomeServices California Properties, has been elected president of the Orange County chapter of the Asian Real Estate Association of America. The group has chapters across America and helps real estate agents of Asian, American and Pacific Island heritage network and develop their skills.
Good work
Tangram Interiors’ Newport Beach office donated classroom desks, workstations and work chairs to the Orange County Rescue Mission in Tustin.
The products were delivered and installed by Tangram and supplied the OCRM headquarters and student classrooms. The donation included 61 desks for students. Classrooms were renovated during the 2020 pandemic so that the 61 resident students can continue to learn remotely.
Workstations and work chairs have been set up for adults currently working for OCRM at the head offices of various departments.
Real estate transactions, leases and new projects, industry hires, new businesses and upcoming events are compiled from press releases from editor Karen Levin. Email items and high-resolution photos to Business Editor Samantha Gowen at [email protected]. Please allow at least a week for publication. All elements are subject to change for clarity and length.
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