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 to 2006 and is about a half-mile from the Richard Nixon Presidential Library.
The firm said the off-market transaction was its fifth acquisition in Southern California and its fourth in Orange County within the last 12 months.
Avanath said the property has been fully occupied and was able to maintain rent collections during the pandemic. The firm said it next plans to introduce programs for residents at The Palms, including financial literacy, English and writing, and computer proficiency classes. COR Community Development Corp. also is working as a nonprofit partner in the ownership structure, providing social services to residents.
The complex also will get new mechanical systems, roofs, HVAC systems and boilers, as needed, Avanath said. The Palms property has five, two-story garden-style buildings with eight two-bedroom units, 36 three-bedroom units, a clubhouse and resident center.
Other Orange County acquisitions for Avanath included St. John’s Manor, a 36-unit affordable senior 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 senior housing community in Garden Grove ($19.85 million).
The Target-anchored shopping center called Rusty Leaf Plaza in Orange has been sold as part of a larger portfolio to Inland Real Estate Income Trust Inc. in a deal worth $278 million. (Courtesy of JLL)
Target-anchored shopping center in Orange sells
The Rusty Leaf Plaza in Orange, anchored by a small-format Target, has been sold as part of a larger portfolio to Inland Real Estate Income Trust Inc. in a deal worth $278 million.
The unidentified seller was represented by JLL.
The portfolio includes eight grocery-anchored retail properties with a combined 687,000 square feet, JLL said in a statement.
“This trade is a terrific example of another high-quality grocery-anchored portfolio of scale trading in dense markets,” said Chris Angelone, a senior managing director at JLL. “This portfolio provides geographic diversity, income diversity and tenancy diversity, and, although there is a little choppiness in the markets, we are seeing no 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 roster, this time in the shadow of the iconic blimp hangars in Tustin.
Brookfield Residential has three neighborhood tracts for sale at The Landing at Tustin Legacy.
Terra, Luna and Cira were built adjacent to the former Tustin Marine Corps Air Station. 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 in the works.
Terra is made up of flats and townhomes with up to 2,275 square feet, priced from $600,000 to $900,000. Units will have one bedroom to three bedrooms, two baths, plus a powder room and office.
Luna also offers townhomes but larger, ranging up to 2,270 square feet and priced between $900,000 to more than $1 million. 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 more than $1.5 million. Homes will have four to five bedrooms, plus a bonus room. The largest home available includes a multi-generation suite.
Amenities will include a social hub with a pool, indoor/outdoor flex space, cabanas, firepits and BBQ areas.
Outside the Lines in Anaheim has finished work on a water-effects show fountain at Branson’s new entertainment complex, Branson Boardwalk, in Branson, Mo. (Courtesy of OTL)
Water feature complete in Branson, Mo.
Anaheim-based Outside the Lines has finished work on a water-effects show fountain at Branson’s new entertainment complex, Branson Boardwalk, in Branson, Mo.
The water feature sits in the center of the center’s manmade cascading lake, which is next to the Aquarium at the Boardwalk, the first attraction developed at the developing entertainment hub.
Designed and built by OTL, the fountain plays two fully choreographed shows every half-hour seven days a week.
OTL specializes in making one-of-a-kind water features, fountains, rockwork and themed environments.
Irvine-based Greenlaw Partners and joint venture partner Seoul-based Mirae Asset Global Investments bought an industrial portfolio in Salt Lake City for a combined $187.75 million. (Courtesy of Cushman & Wakefield)
Greenlaw, partner buy Utah portfolio for $187.8M
Irvine-based Greenlaw Partners and joint venture partner Mirae Asset Global Investments in Seoul acquired an industrial portfolio in Salt Lake City, for a combined $187.75 million.
The last-mile facilities — which include two newly built 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 together with Cushman’s Salt Lake City office represented the seller, Gardner Batt, in the transaction.
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 sgowen@scng.com. Please allow at least a week for publication. All items are subject to editing for clarity and length.
