Avanath Capital Management has acquired Overlook at Anaheim Hills. a senior apartment complex, for $87.5 million.
It’s the second senior housing community the firm has bought in Orange County this year, Avanath said in a statement. In February, the company bought The Grove Senior Apartments, an 85-unit senior apartment complex in Garden Grove for $19.85 million.
The 261-unit complex in Anaheim Hills was built in 2001 and has seven three- and two-story garden-style buildings with an average unit size of 751 square feet. Amenities include a community center, clubhouse, business center, pool and spa, fitness center, and billiard room.
Rents online list for $1,825 for a one-bedroom up to $2,255 for a two-bedroom unit.
Daryl Carter, founder, chairman and CEO of Avanath, said the complex is “nearly 100% occupied.”
“Senior housing communities are also strategically positioned to continue to perform despite the pandemic as many residents’ income comes primarily from social security and pensions; therefore, they are not as reliant on a paycheck,” says Carter. “Beyond this, by maintaining affordability at the community, we can provide long-term housing security to residents.”
Avanath said it plans to renovate the clubhouses and community spaces, adding a dog park and sustainability initiatives to reduce the property’s carbon footprint and generate energy savings.
NB medical building sells for $41M
Newport Harbor Medical Plaza in Newport Beach has been sold for $41 million, according to Newmark, which brokered the deal.
The Class A, three-story building at 330 Old Newport Blvd. is 100% leased to USC’s Keck School of Medicine, Newmark said.
Sean Fulp, Garth Hogan, John Scruggs, Mark Schuessler, and Ryan Plummer at Newmark represented the seller, Advanced Medical Properties, a Newport Beach-based, physician-owned development firm.
The buyer was an unidentified investor who was represented by Anton Qiu of San Francisco-based Anchor Pacific Capital.
The 29,991-square-feet building was completed in 2020.
USC will operate the facility, which is across the street from Hoag Hospital, as a cancer treatment center and will collaborate with the hospital on treatment and clinical trials.
Student housing sells in Fullerton
Champion Real Estate Co. has bought Oxford North, a 100-unit, 346-bed student housing complex near Cal State Fullerton for $44.4 million.
The property at 2000 Oxford Ave. is next to the university and is being rebranded as University Village Fullerton.
Victory at Fullerton, a subsidiary of Champion, will renovate the student housing by upgrading the courtyards and pool along with full, in-unit updates including new stainless steel appliances, stone countertops, modern cabinetry and laminate wood flooring.
Units will come furnished with beds, couches, chairs, coffee tables, dining tables, flatscreen TVs, cable, Internet, WiFi, Sonos soundbars and other amenities.
CSUF students rent a room or a share of a room in these apartments. Rents at Oxford’s current website indicate a shared room costs about $900 in a two-bedroom unit. A single, standard bedroom in a three-bedroom unit rents for $800 monthly.
Apartment units sell in LB for $9.5M
Two apartment properties in Laguna Beach have been sold to separate investors for a total of $9.5 million, according to CBRE.
The first property at 1027 N. Coast Highway has nine ocean-view apartments and eight street-facing retail and office units totaling 10,676 square feet. The mixed-use building sold for $5.95 million to an unidentified investor.
“We generated a full-price offer within 24 hours of marketing the property for sale,” said Dan Blackwell with CBRE. “That is indicative of the strong demand for prime coastal assets in Orange County.”
The second property at 340 Cypress Drive has six two-bedroom units and sold for $3.55 million. CBRE said it also represented the unidentified 103- exchange buyer in the transaction.
Blackwell and Mike O’Neill represented the seller, an unidentified family partnership, in both transactions.
“This was the first time in over 40 years that the property had been on the market, and we generated four offers within 48 hours of marketing the property for sale,” Blackwell said in a statement.
$176M for housing investment fund
WNC, an Irvine-based investor and asset manager of affordable housing, has closed WNC Fund 50, which raised $176 million to develop and renovate more than 2,160 affordable housing units in 16 states.
WNC said the investment fund will develop and renovate units at 32 properties in California, Colorado, Georgia, Iowa, Indiana, Louisiana, Mississippi, Montana, North Carolina, North Dakota, Nebraska, New Mexico, Oklahoma, Tennessee, Texas and Wyoming.
The firm said some of the units at 13 properties will be set aside to help special needs tenants, including at-risk/formerly homeless individuals, people with physical and mental disabilities, veterans, single parents, persons recovering from chemical dependency, and frail seniors.
The completion of WNC Fund 50 brings WNC’s total equity raised since inception to approximately $5.9 billion, which has developed and renovated more than 96,000 affordable housing units across the country.
People in real estate
Josh Huckleberry has been promoted to studio manager of branding at design firm Ware Malcomb’s Irvine office. He will focus on operations, staff management, business development and project leadership for the Branding Studio. Huckleberry joined Ware Malcomb in 2017 as a senior project designer and in 2018 was promoted to operations manager. He is also the co-founder and co-chair of the Orange County Society for Experiential Design (SEGD) Chapter.
Sean Graffia has been promoted at Sub-Zero Group West in Costa Mesa to builder account manager for the Orange County and San Diego territories in Southern California. He has been the sales manager for Sub-Zero West. for five years.
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