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9/17/21
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Gelt Inc has acquired The Oasis Anaheim, a 312-unit, transit-oriented apartment property in the northeast area of Anaheim, for $146.5 mil ($469.6k/unit). The property, located at 3530 E. La Palma Ave, was sold by Redhill Realty Investors.
Built in 2009, the property is situated on 5.21 acres within a mixed-use development called Anaheim Canyon. Each of the asset’s two buildings feature four and five stories with a unit mix of lofts, townhomes, and one- and two-bedrooms units averaging approximately 937 sf. On-site amenities include a resort-style pool, fitness center/yoga studio, clubhouse, recycling services, business center, BBQ grills, and 626 parking spaces.
“The seller did a very nice job renovating about 30% of the units of this Class A property, and Gelt plans on completing similar significant upgrades to the remaining 217 units,” said Josh Satin, Vice President of Acquisitions with Gelt. “The improvements will include quartz countertops, stainless steel appliances, hardwood-style plank flooring, tile kitchen backsplash, under-mount sink with gooseneck faucets, and modern cabinetry and hardware.”
Gelt and its family of companies currently own and manage six properties comprised of 833 apartment units, as well as one 665-unit self-storage building in Southern California. The firm previously successfully exited six assets comprised of 623 units in Southern California.
Sean Deasy, Ryan Fitzpatrick, and Chelsea Jervis of JLL represented both sides of the deal.
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