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2/21/17
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Reiner Communities purchased Triangle Terrace, a 75-unit senior living apartment building in the city of Orange. The property, located at 555 S. Shaffer, was sold by Orange Senior Housing Inc in a deal worth $13.5 mil, or $180k/unit.
Built in 1985, Triangle Terrace is a two-story complex situated on 3.4 acres with beautiful grounds, lots of trees and green grass that offer residents a peaceful and quiet setting. Hart Park, located next to the property, provides hiking trails, picnic tables, and beautiful scenery.
Common areas at Triangle Terrace include a lobby, community room with a big screen TV and resident computers, as well as laundry facilities. The property is a fully gated community with controlled entry access in the evening and a large parking lot providing ample parking for the residents.
Steve Heri, CCIM, and Steve Gim with NAI Capital, along with James Lampman, represented both parties in the transaction. According to Heri, Triangle Terrace had not been updated in over 30 years and is currently undergoing a complete renovation.
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