California

FAIRFIELD, CALIF. — Opportunity Housing Group and the California Statewide Communities Development Authority (CSCDA) have partnered to purchase Waterscape Apartments, a multifamily property located at 3001 N. Texas St. in Fairfield. A joint venture between Angelo Gordon and Glencrest Group sold the asset for $70 million. The 180-unit community will offer rents reduced to be affordable to low- to moderate-income individuals and families. On-site amenities includes a swimming pool, spa, picnic area with barbecue grills, a fireplace with lounge seating, package concierge, clubhouse, business center, fitness center, playground, dog park, gated access and 326 open, covered and garage parking spots. Opportunity Housing Group is a Danville-based company focused on creating workforce housing in California. The company acquired the property in partnership with CSCDA using CSCDA’s Workforce Housing Program. Under this structure, middle-income workers, including teachers, first responders, civil employees and others, are offered discounted rents at the property that align with their incomes and have capped annual increases. Salvatore Saglimbeni, Philip Saglimbeni, Stanford Jones and Alex Tartaglia of Institutional Property Advisors, a division of Marcus & Millichap, brokered the transaction.

CORONA, CALIF. — An investment group led by Ocean West Capital Partners, Tiger Alternative Investors and NH Investment & Securities has purchased The Monterey, a newly built apartment property in Corona. Completed in 2021, The Monterey features 442 apartments in a mix of one-, two- and three-bedroom units ranging from 726 square feet to 1,520 square feet. Community amenities include two resort-style swimming pools; clubhouses with roof decks; fitness, yoga and spin studios; co-working space with conference rooms and soundproof privacy pods; an outdoor movie theater; and a community garden and citrus orchard. Camden Pacific Partners is also a part of the consortium that owns the property. The seller and price were not disclosed.

ANAHEIM, CALIF. — Gelt, a Los Angeles-based, value-add real estate investor, has purchased The Oasis Anaheim, a transit-oriented apartment property in the northeast area of Anaheim. Redhill Realty Investors sold the asset for $146.5 million. Built in 2009 on 5.2 acres, The Oasis Anaheim features 312 apartments spread across two four- and five-story buildings in a mix of loft, townhome, one- and two-bedroom layouts. On-site amenities include a resort-style pool, fitness center/yoga studio, clubhouse, recycling services, a business center, barbecue grills and 626 parking spaces. The community is located at 3530 E. La Palma Ave. Sean Deasy, Ryan Fitzpatrick and Chelsea Jervis of JLL represented the buyer and seller in the transaction.