Gelt pays $147M for Anaheim apartment complex

Seller CH Realty had acquired 312-unit Oasis for $106M in 2018

3530 E. La Palma Avenue with Gelt partners Keith and Steve Wasserman (Google Maps, Gelt)
3530 E. La Palma Avenue with Gelt partners Keith and Steve Wasserman (Google Maps, Gelt)

Multifamily investor Gelt acquired a large rental complex in Anaheim for $146.5 million — around 40 percent more than what it last sold for in 2018.

The deal for the 312-unit Oasis at 3530 E. La Palma Avenue marks Gelt’s 18th acquisition in California, the company said Thursday. It currently has 10 properties in its portfolio statewide. Gelt plans to spend nearly $6 million on renovations to the Oasis.

The seller, CH Realty Investments, purchased the Oasis for $106 million in 2018 from a BlackRock fund, records show. CH focuses on value-add buys as does Gelt.

Tarzana-based also owns properties in Seattle, San Antonio, Portland and smaller cities. In early 2020, the company said it was looking to buy $300 million of multifamily assets in Southern California and across the West. To fund the Oasis purchase, the firm sold two properties in Seattle, said founder Keith Wasserman.

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Anaheim has recently seen a number of big multifamily transactions.

In March, Waterford Property bought a 400-unit complex with the California Statewide Communities Development Authority for $160 million, for conversion into affordable housing. A month earlier, the same duo bought a 386-unit property in Anaheim for $156 million as part of that workforce housing program.

Los Angeles Angels owner Arte Moreno was also cleared to buy 150 acres around the stadium — a cost of $150 million — to build 500 units of affordable housing and a public park.