Real estate news: 3rd apartment complex in Anaheim shifting to workforce housing

A 265-unit apartment complex in the Anaheim Platinum Triangle has been acquired by Newport Beach-based Waterford Property Co. for $127.3 million and will be converted to workforce housing.

Waterford and the California Statewide Community Development Authority will lower rents at 1818 Platinum Triangle at 1818 S. State College Blvd.

Qualified residents must earn between 60% to 120% of the area median income under the CSCDA’s middle-income housing program. Waterford, acting as administrator, anticipates tenants will see an average rental savings of 24.5% compared with other apartments for rent in the Platinum Triangle. Rent increases each year are capped at no more than 4%.

Existing tenants who do not meet the income restrictions are allowed to remain in place until they elect to move.

The Anaheim acquisition is the firm’s third in the city with CSCDA. Waterford says it has nine communities it has converted from market rate to essential housing, bringing its portfolio to 2,643 units and over $1.6 billion of tax-exempt bond issuances.

Joseph Smolen, Geoff Boler, and Lee Redmond represented the buyers and the seller, UDR.

Irvine firm buys Redlands apartments for $46M

Irvine-based SB Real Estate Partners has bought ReNew Redlands, a 124-unit apartment complex in Redlands for $46.2 million.

The property has been renamed Portola Redlands, and SBREP said it intends to spend $2.5 million to improve the property.

The 39-year-old complex has two-bedroom garden-style units and townhome floor plans. Sitting on nearly 8 acres, Portola Redlands also has a swimming pool, picnic and barbecue areas.

The acquisition is the first for SBREP within the Inland Empire market and is part of the firm’s plan to acquire more than $200 million in apartment assets during the second half of 2021 across the two-county region, Phoenix and Las Vegas markets.

“We’re excited to enter the Inland Empire market and specifically the Redlands submarket, which has been one of the most supply-constructed areas in the country for quite some time,” said Srijin Bandyopadhyay, founder and managing principal at SBREP.

Blake Rogers and Hunter Combs of Walker & Dunlop represented the seller, who was not identified.

Alere buys industrial complex in Norco

Alere Property Group in Newport Beach has bought Saddle Ranch Business Park, a 422,000-square-foot industrial warehouse complex in Norco.

Alere purchased the Class A property at 3300 to 3390 Horseless Carriage Drive from CapRock Partners, which is also in Newport Beach.

Terms of the transaction were not disclosed by either firm.

The complex is leased by Goli Nutrition, a vitamin and nutrition company.

“Demand for modern industrial space in the Norco/Corona submarket is supported by its accessibility to Orange County,” said Alan Carmichael, a senior vice president at Alere.

The business park has four buildings ranging in size from 81,000 square feet to 158,000 square feet. The concrete tilt-up structures were completed in 2019.

People in real estate

Brent Hughes has been promoted to chief operating officer at C.W. Driver Cos. in Pasadena. The construction company has myriad projects in Orange County including the $61.5 million Language Arts and Social Science Building at Orange Coast College and a $25 million, two-story memory care facility in Santa Ana. He joined C.W. Driver in 2011, serving as project executive for the company’s San Diego office. Hughes will be responsible for the company’s operational oversight and client satisfaction for projects statewide, including contract negotiations, staffing, scheduling, financial controls, reporting and closeout for all projects.

Design milestones

Irvine-based The New Home Co. has earned the “Detached Community of the Year” award at the 2021 SoCal MAME Awards.

The SoCal MAME Awards are sponsored by the Greater Sales & Marketing Council and Building Industry Association of Southern California.

New Home won “Detached Community of the Year” for Atlas at Rise in the Great Park Neighborhoods in Irvine. The community has 38 homes that were sold through a partnership between New Home and FivePoint, the developer of the Great Park Neighborhoods.

New Home shared the award with its design partners, including Dahlin Group Architecture Planning, Real Estate Design Pros for interior design, Clark and Green Associates for landscape architecture and Paolucci Salling & Martin Communication Arts for branding and marketing communications.

Also at the awards, Irvine-based KTGY was recognized for its work on Expo Walk in Los Angeles and received the SoCal MAME Award for “Best Design of a Multi-Family Community – For Sale.”

Designed by KTGY, Expo Walk offered 78 for-sale townhomes in Los Angeles’ Leimert Park. The homes were built by The Olson Co. in a gated community.

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.