This post was originally published on this site
A 392-unit affordable housing complex located a few miles north of Disneyland changed hands for $108 million, according to CoStar data.
Park Vista in North Anaheim was sold to Beverly Hills-based BLDG Partners by Bethesda Holdings for about $275,510 per unit.
The affordable housing development at 1200 N. Robin St. in Anaheim is open to tenants who earn 60% of area median income or less.
NewPoint Real Estate Capital LLC, a Texas-based real estate investment firm that specializes in the preservation of affordable and workforce housing, closed on an $82 million Fannie Mae loan to facilitate BLDG Partners’ purchase of Park Vista. The fixed-rate loan, which has a seven-year term with five years of interest only payments, closed on March 28.
A spokesperson for NewPoint Real Estate Capital, in an email to the Business Journal, said the transaction is “a significant preservation deal in a high-cost market.”
Average Rent in North Orange County
The average monthly rent for an apartment unit in North Orange County, according to an early 2025 CBRE market report, is $2,653, up 3% from $2,577, in 2023.
Park Vista did not disclose the average monthly rents for its units, but online marketing materials for the property say the apartment complex participates in the U.S. Department of Housing and Urban Development (HUD) Low-Income Housing Tax Credit program.
“This was an attractive loan for not only Fannie Mae—to lend on deeply affordable housing—but for all involved,” Martin Fayer, NewPoint Real Estate Capital’s senior managing director who arranged the loan for BLDG Partners, said in a statement. “It sets up long-term benefits for the new owners to continue their commitment to affordable and workforce housing and for the residents of Anaheim in the form of the hundreds of housing units that will now remain affordable.”
Park Vista was built in 1959 and features 93 two-floor buildings across 20 acres. The average unit measures 761 square feet. On-site amenities include a pool, barbecue areas and playground areas. The apartment complex was renovated in 2001.
BLDG Partners operates in 12 states: California, Delaware, Georgia, Nevada, New Mexico, North Carolina, Ohio, Pennsylvania, Tennessee, Texas, Virginia and Washington.
Its affordable housing portfolio in OC includes The Knolls, a 260-unit Low-Income Housing Tax Credit property, and Allure, a 282-unit middle-income apartment building. Both properties are in Orange.
Scott Melnick of Melnick Real Estate Advisors represented Bethesda Holdings in the deal.