A 14-unit apartment building in Anaheim has been sold for $4.65 million to an unidentified buyer, according to CBRE.
CBRE’s Dan Blackwell represented the buyer and unidentified seller in the deal.
The property at 129 S. Olive St. is in downtown Anaheim, steps away from the popular Anaheim Packing District.
The property was built in 1986 and has two-bedroom, two-bathroom townhome style apartments with vaulted ceilings, central air, patios and balconies.
“Within 24 hours of marketing the property for sale, we immediately had multiple offers from qualified buyers and went under contract,” said Blackwell. “The strong rental demand in the area supports full occupancy.”
The sale price translates to $332,143 per unit.
New leases in Newport Beach
Two companies have leased at 5000 Birch, a two-building, 308,567-square-foot, Class A office property in Newport Beach, according to JLL.
North & Nash leased 2,332 square feet of office space and will be the law firm’s new headquarters as it relocates from Irvine. JLL also signed a lease renewal for Clarity Capital Partners at its 4,610-square-foot headquarters at the campus.
In recent weeks, 5000 Birch has seen a flurry of activity with the signing of Pour Vida Latin Flavor restaurant, which will occupy 2,940 square feet on the ground floor. The landlord, Manulife Investment Management, also began work on a new fitness center and other improvements.
JLL’s Joe Bevan, Wade Clark and Monica Enes oversee office leasing at 5000 Birch. North & Nash LLP was represented by David Marino of Hughes Marino, and Clarity Capital Partners was represented by Brad Schmitt of Savills.
“As we begin to return to normal, we are seeing companies being ready to make real estate decisions,” said Enes, a managing director with JLL.
Property tax postponement
California homeowners recently affected by wildfires have until June 1 to apply for the Property Tax Postponement program.
The paperwork required to determine eligibility can take some time and effort to pull together, according State Controller Betty T. Yee.
“I urge anyone who thinks this program could benefit them to do their research and begin the process now,” said Yee, who is California’s chief fiscal officer.
PTP allows homeowners who are seniors, blind or have a disability and who meet income, equity and other requirements to defer payment of property taxes on their primary residence. The standard filing period closed Feb. 10, but residents of 31 counties in governor-declared disaster areas were granted an extension.
Applications for 2020-21 PTP must be postmarked by Tuesday, June 1, for residents in Los Angeles, San Bernardino and San Diego counties.
The Controllers office said California homeowners in 2019-2020 postponed more than $4 million in residential property taxes through PTP. As of May 4, more than $4.2 million had been paid out for tax year 2020-21.
Funding is limited and applications are processed in the order they are received. Participants must reapply each year and demonstrate they continue to meet eligibility requirements.
The interest rate for all taxes postponed under PTP this tax year is 5%. A lien is placed on the real property, or a security agreement filed for a manufactured home until the deferred taxes are repaid.
Applications for the 2021-22 tax year will be available in September. Applications and program details can be found online at https://www.sco.ca.gov/ardtax_prop_tax_postponement.html or by calling 800-952-5661.
On the move
James Hultz has been hired as vice president, senior counsel and head of insurance for at Landsea Homes Corp., a homebuilder based in Newport Beach. Hultz, who has more than 20 years of experience practicing law, joins Landsea after serving as a partner in the insurance coverage department at Newmeyer & Dillion. He will head up Landsea Homes’ risk management department and report to Franco Tenerelli.
Kim Von Der Ahe-Arial has been promoted to director of Building Measurement Services at Ware Malcomb, a design firm in Irvine. It’s a new role and she will be responsible for that department’s growth throughout the company. Arial joined Ware Malcomb in 2018. Her team works with landlords, asset management firms, property managers and brokers to develope accurate floor plans with quick turnaround times.
Noel Smith has been promoted to director of cost estimates at Murow Development Consultants, a land development consulting company in Irvine. Smith joined the firm in 2016 as a grading analysis coordinator and quickly rose to supervisory and management positions. He has completed more than 100 land deals in California over the past five years. Smith will focus on expanding services into new markets across the U.S. while managing a team of seven.
Real estate transactions, leases and new projects, industry hires, new ventures and upcoming events are compiled from press releases by contributing writer Karen Levin. Submit items and high-resolution photos via email to Business Editor Samantha Gowen at firstname.lastname@example.org. Please allow at least a week for publication. All items are subject to editing for clarity and length.
Source: Orange County Register