Redhill Realty sells apartment community for $146m

Gelt has acquired The Oasis Anaheim, a 312-unit, transit-oriented apartment property located at 3530 E. La Palma Avenue in the northeast area of Anaheim, Calif.

The Los Angeles–based value-add real estate investor acquired the asset for $146.5 million from a joint venture led 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-bedroom units averaging approximately 937 square feet. On-site amenities include a resort-style pool, fitness center/yoga studio, clubhouse, recycling services, business center, barbecue grills and 626 parking spaces.

“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