Oasis Anaheim Checks All the Boxes for Gelt

Gelt Inc. recently acquired The Oasis Anaheim, a 312-unit transit-oriented apartment property located at 3530 E. La Palma Avenue in the northeast area of Anaheim, CA. The Los Angeles-based investor acquired the asset for $146.5 million from a joint venture led by Redhill Realty Investors.

“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.

Built in 2009, the 5.21-acre property is within a mixed-use development, 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 937 square feet.

“Located in the densely populated infill heart of Orange County, one of the nation’s most coveted places to live, this multifamily community checked all the boxes for us from an acquisition perspective,” adds Jeff Harris, partner with Gelt. “The Oasis Anaheim is a class-A asset with a luxury amenity set. It is also transit-oriented with immediate access to the Anaheim Canyon Metrolink station, and provides quick access to the 91, 5 and 55 freeways.”

Sean Deasy, Ryan Fitzpatrick and Chelsea Jervis of JLL represented both sides of the deal.