The Oasis Anaheim, a 312-unit apartment complex in Anaheim, has been sold for $146.5 million to Los Angeles-based Gelt Inc., according to JLL.
A joint venture led by Redhill Realty Investors sold the property at 3530 E. La Palma Ave.
Sean Deasy, Ryan Fitzpatrick and Chelsea Jervis of JLL represented both sides of the deal.
The two-building complex in the mixed-use development Anaheim Canyon was built in 2009 on 5.21 acres. Each of the buildings has a combination of lofts, townhomes, and one- and two-bedrooms units averaging 937 square feet. Amenities include a pool, fitness center and yoga studio, clubhouse, business center and barbecue grills.
“The seller did a very nice job renovating about 30 percent 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.
Those improvements, Satin said, include adding quartz countertops, stainless steel appliances, hardwood-style plank flooring, tile kitchen backsplash, under-mount sink with gooseneck faucets, and modern cabinetry and hardware.
NB firm buys in San Diego
Orange County-based Dunbar Residential Investments has bought Sunset Cliffs Apartments in San Diego County for $13.6 million, according to Cushman & Wakefield, which brokered the sale.
The 52-unit complex has 11 buildings with single-story cottage and two-story townhome style apartments.
The seller was Appian Lane Associates.
Mark Bridge and Jon Mitchell with Cushman & Wakefield’s Multifamily Advisory Group in Orange County represented the buyer and seller.
Buchanan buys in Texas
Buchanan Street Partners, a Newport Beach-based real estate investment management firm, has acquired 4600 Ross, a 294-unit apartment complex in Dallas.
Terms were not disclosed.
Buchanan bought the property from Cypress Real Estate Advisors.
4600 Ross was completed in 2020 and has 51 studio, 166 one-bedroom, and 72 two-bedroom units, with 5 three-bedroom townhomes. The property was 95% occupied at the time of sale, Buchanan Street Partners said.
Amenities include air-conditioned corridors, high-end finishes throughout, a swimming pool, covered outdoor living area, package locker system, fitness center, yoga studio, sky lounge, pet spa and dog park.
The acquisition is Buchanan’s third in the last 11 months in Texas.
The former home of Trinity Broadcasting Network has been sold to an Orange County real estate development firm, Khoshbin Co. The firm is owned by supercar collector Manny Khoshbin who plans to renovate the campus, adding a car museum, restaurant and creative offices. (Courtesy of CBRE)
TBN campus sells for $22 million
The former Trinity Broadcasting Network campus in Costa Mesa has been sold again, this time to Khoshbin Co. for $22 million, according to CBRE.
Khoshbin Co. is owned by real estate developer and supercar collector Manuchehr “Manny” Khoshbin.
Plans for the campus remain somewhat fluid, Khosbhin told the Register on Friday via email. An early vision to add a car museum, restaurant and creative office spaces could shift if a tech company shows interest in the space.
Khoshbin has 2.3 million followers on Instagram where he can often be seen posting photos and videos about supercars. Car enthusiast websites estimate his personal car collection is worth at least $50 million.
The real estate developer and investor is buying a property that had long been known for its Christmas light decorations that brightened the 405 freeway near South Coast Plaza.
The Christian-based television network bought the 6-acre facility in 1996 for $6 million and sold it in 2017 for an undisclosed sum to Greenlaw Partners. The property at 3150 Bear St. has since changed owners, and property records show the seller was Alliance South Coast Properties LLC.
According to city and state documents, the LLC is owned by EFEKTA Orange Inc., an education provider based in Delaware. The company in 2019 requested an infrastructure change with the city to create a 627-student international language school with three dormitories at the property.
TBN Founder Paul Crouch – who said he heard God tell him to start a Christian TV network nearly 45 years ago – died in 2013. His wife and co-founder, Jan Crouch, died in May 2016.
The network continues to broadcast from a studio in Tustin.
Anthony DeLorenzo, Gary Stache, Doug Mack, Bryan Johnson and Justin Hill of CBRE represented the seller. Khoshbin Co. was self-represented.
People in real estate
Doug Pearl has been named principal of mixed-use studio at AO, an architecture firm in Orange. He comes to AO with more than 23 years of architecture and commercial real estate development experience. His goals will include growing the firm’s sectors in retail repositioning and industrial mixed-use.
Julie Tran, an agent at the Irvine office of Berkshire Hathaway HomeServices California Properties, has been elected president of the Orange County chapter of the Asian Real Estate Association of America. The group has chapters across America and helps Asian American and Pacific Islander real estate agents network and build skills.
The Newport Beach office of Tangram Interiors has donated classroom desks, workstations and task chairs to the Orange County Rescue Mission in Tustin. The products were delivered and installed by Tangram and furnished OCRM’s corporate office and student classrooms. (Courtesy of Tangram Interiors)
The Newport Beach office of Tangram Interiors has donated classroom desks, workstations and task chairs to the Orange County Rescue Mission in Tustin.
The products were delivered and installed by Tangram and furnished OCRM’s corporate office and student classrooms. The donation included 61 desks for students. Classrooms were renovated during the 2020 pandemic so the 61 resident students could continue to learn remotely.
Workstations and task chairs were set up for adults currently working for OCRM in the corporate office in various departments.
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.