Newport Beach firm will convert $300 million apartment complex to workforce housing – Orange County Register | #seniorliving | #elderly | #seniors
Newport Beach-based Waterford Property Co., in partnership with the California Statewide Communities Development Authority, has acquired a 507-unit apartment complex called Altana at 633 N. Central Ave. in Glendale for $300 million.
This deal is part of CSCDA’s middle-income housing program, which uses tax-exempt bond financing to convert existing apartments into workforce housing. Waterford, as property administrator, has acquired four multifamily communities since the start of the year as part of the housing finance program created in 2020 by CSCDA.
Waterford and CSDA will be able to lower rents for qualified new residents making between 80% and 120% of the area’s median income. Current tenants who qualify can participate in the program during lease renewals.
Built in 2017, Altana has an acre of private open space, rooftop pools, a landscaped zen garden and yoga room.
Joseph Smolen, Geoff Boler, and Lee Redmond of Eastdil Secured represented Waterford and CSCDA in the transaction.
Industrial sells in Anaheim for $4.2M
A 16,000-square-foot industrial building at 1140 N. Tustin Ave in Anaheim has been sold for $4.16 million, according to Lee & Associates in Orange.
Johnny Eubanks at Lee & Associates’ Orange office represented the seller, Aquarian Coatings Corp. Jonathan Mejia and Jim Deregt at Lee & Associates’ Newport Beach office represented the unidentified buyer.
Clean Energy renews with Irvine Co.
Clean Energy Fuels Corp. has extended its lease on a 49,034-square-foot office headquarters at MacArthur Court in Newport Beach, according to Cushman & Wakefield.
Terms of the lease were not disclosed.
The company leases two-and-a-half floors in the 15-story building at 4675 MacArthur Court, which is owned by The Irvine Company.
Rick Kaplan, Patrick Ryan and Chon Kantikovit with Cushman & Wakefield’s Irvine office represented the tenant in the transaction.
Work begins on Glendora senior living
R.D. Olson Construction of Irvine has broken ground on Vistas at Glendora, a Clearwater Senior Living project.
The 117-unit, 107,980-square-foot assisted living and memory care facility at 333 West Dawson Ave. in the San Gabriel Valley is expected to be ready by fall 2022.
The community will include 88 assisted living units and 29 memory care units. Residents will have the option of single or double-occupancy rooms, with studios, one- and two-bedroom room layouts available. Twenty-four-hour care and concierge services will be available for all residents.
“There is a significant shortage of senior living facilities in the Los Angeles area, and as the population ages the need for modern, highly amenitized facilities will continue to grow,” said Bill Wilhelm, president of R.D. Olson Construction.
Amenities will include several dining venues, a wine vault, display kitchen, barbecue station, game room, theater, activity rooms, a lounge with a bar and piano, hair salon, fitness center, art studio and four outdoor courtyards.
R.D. Olson Construction partnered with owner Clearwater Living, architecture firm AO, and interior designer Klang & Associates on the project.
Buying outside CA
Newport Beach-based RanchHarbor and Westgrove Partners in Los Angeles have acquired two apartment complexes in Albuquerque, N.M.
Terms of the deal were not disclosed by either firm, but the off-market transaction was characterized as “substantially below replacement cost.”
Candlewood Village and Candelaria Heights, which have been rebranded to The Grove and The Heights at Tramway, respectively, include 79 garden-style apartments on 3.1 acres.
The firms plan to renovate interior and exterior features in order to reposition the complexes. Interior improvements include painting, installing new flooring and updating lighting, cabinets and fixtures in kitchens and bathrooms. Exterior enhancements include new paint and improvements to the building’s façade, landscaping and lighting in addition to clubhouse and common area amenity renovations.
The Grove was built in 1985 and has 59 units ranging from 650 to 950 square feet in eight buildings. The Heights was built in 1972 and has of 20 units ranging from 807 to 1,100 square feet.
Lawrence R. Armstrong, artist and chairman at Ware Malcomb in Irvine, will be exhibiting his artwork at John Wayne Airport through October. His work in the OC Hot Glass Exhibit comes from his Layered Vision series, and is made up of layered glass, stainless steel and acrylic paint. The pieces are titled Filla 1.0 and Amor 1.0. “This exhibit is especially exciting for me, as an Orange County resident for over 40 years,” said Armstrong.
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.