Affordable apartment complex sells for $11 million in Yorba Linda – Orange County Register
A 44-unit affordable apartment complex in Yorba Linda has been sold to Irvine-based Avanath Capital Management for $11.1 million.
The community at 18542 Yorba Linda Blvd. dates from 2006 and is about half a mile from the Richard Nixon Presidential Library.
The company said the off-market transaction was its fifth acquisition in Southern California and its fourth in Orange County in the past 12 months.
Avanath said the property has been fully occupied and has been able to maintain rent collection during the pandemic. The company said it next plans to introduce programs for residents of The Palms, including courses in financial literacy, English and writing, and computer literacy. COR Community Development Corp. also works as a non-profit partner in the ownership structure, providing social services to residents.
The complex will also receive new mechanical systems, roofs, HVAC systems and boilers as needed, Avanath said. The Palms property includes five two-story garden-style buildings with eight two-bedroom units, 36 three-bedroom units, a clubhouse and a residents center.
Other Orange County acquisitions for Avanath include St. John’s Manor, a 36-unit affordable seniors’ housing community in Costa Mesa ($11.75 million); The Overlook at Anaheim Hills, a 261-unit senior housing community in Anaheim ($87.5 million); and The Grove Senior, an 85-unit seniors’ housing community in Garden Grove ($19.85 million).
The shopping center anchored on target in Orange sells
The Rusty Leaf Plaza in Orange, anchored by a small-format target, was sold as part of a larger portfolio to Inland Real Estate Income Trust Inc. in a deal worth $278 million. dollars.
The unidentified seller was represented by JLL.
The portfolio includes eight grocery-anchored retail properties with a combined area of 687,000 square feet, JLL said in a statement.
“This trade is a great example of another high-quality ladder trade portfolio rooted in a grocery store in dense markets,” said Chris Angelone, senior managing director at JLL. “This portfolio offers geographic diversity, income diversity and tenant diversity, and while there is some turmoil in the markets, we are not seeing any slowdown in demand for well-located opportunities across the country.”
400 homes for sale in Tustin
The housing market has 400 new homes to add to its list, this time in the shadow of Tustin’s iconic airship hangars.
Brookfield Residential has three neighborhood lots for sale at The Landing at Tustin Legacy.
Terra, Luna, and Cira were built next to the former Marine Corps Air Station Tustin. They are part of the 1,600-acre Tustin Legacy community, which includes parks, The District retail and entertainment destination, and some 4,600 residences under construction.
Terra is made up of apartments and townhouses up to 2,275 square feet, priced at $600,000 to $900,000. The units will have one bedroom, three bedrooms, two bathrooms, plus a powder room and an office.
Luna also offers townhouses but larger, ranging up to 2,270 square feet and ranging in price from $900,000 to over $1 million. The units will have three bedrooms or 4 bedrooms.
Cira has single-family homes up to 3,398 square feet with private yards and prices ranging from $1.2 million to over $1.5 million. Houses will have four to five bedrooms, plus a bonus room. The largest house available includes a multi-generational suite.
Facilities will include a social center with a swimming pool, indoor/outdoor flexible space, cabanas, fire pits and barbecue areas.
Complete water feature in Branson, Mo.
Anaheim-based Outside the Lines has completed work on a water-effect fountain at Branson’s new entertainment complex, Branson Boardwalk, in Branson, Missouri.
The water feature sits at the center of the center’s man-made cascading lake, which sits adjacent to the promenade’s aquarium, the first attraction developed in the developing entertainment center.
Designed and built by OTL, the fountain plays two fully choreographed shows every half hour seven days a week.
OTL specializes in the manufacture of one-of-a-kind water features, fountains, rock gardens and themed environments.
Greenlaw and partner buy Utah portfolio for $187.8 million
Irvine-based Greenlaw Partners and joint venture partner Mirae Asset Global Investments in Seoul have acquired an industrial portfolio in Salt Lake City, for a combined $187.75 million.
The last mile facilities – which include two newly constructed Class A industrial/logistics buildings totaling 347,290 square feet – are both fully leased to the same e-commerce company.
Cushman & Wakefield’s National Industrial Advisory Group and Cushman’s office in Salt Lake City represented the seller, Gardner Batt, in the transaction.
Real estate transactions, leases and new projects, industry hires, new companies and upcoming events are compiled from news releases by editor Karen Levin. Submit high-res articles and photos via email to Business Editor Samantha Gowen at [email protected] Please allow at least a week for posting. All elements are subject to change for clarity and length.