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GID gets 335-unit apartment complex in La Habra
Billed as only multifamily property built in the OC city in past 20 years
Investment firm GID has acquired a 335-unit apartment complex in Orange County for $182.5 million.
The firm acquired the Valentia Apartment Homes at 951 South Beach Boulevard in the municipality of La Habra, according to an announcement from commercial real estate brokerage firm Voit Real Estate Services. La Habra sits along the 91 Freeway, just south of the boundary line with Los Angeles County.
The price comes to $544,000 per unit, nearly on par with a recent deal in northern Orange County that set the mark for priciest of the year for apartments there at $579,310 per unit for a complex in Fullerton,
Voit represented the sellers— a partnership between Fairfield Residential and Northwestern Mutual— and said that the complex is the only multifamily property built in La Habra over the past 20 years.
“This extremely high-quality asset was built (in) 2017 and could not be replicated today due to (the) scarcity of available sites in this supply-constrained submarket,” said Joe Leon, a senior vice president and partner at Voit.
GID, which operates a California outpost in San Francisco, has a portfolio of 38,000 residential units, 19 million square feet of industrial space and one million square feet of office space, according to its website. The firm currently has a pipeline of 8,800 residential units and 1.4 million square feet of office space.
GID has 28 properties in California, three of which are in Orange County. The majority of the firm’s assets in the state are in the Bay Area. The company has 13 properties in the region, including the Allegro at Jack London Square in Oakland and the Blu Harbor by Windsor in Redwood City.
The firm owns a condo and rental project in New York City’s Upper West Side called Waterline Square. Last year, a Peruvian family paid $27 million for eight units at the complex as an investment to ride out the pandemic.
Valentia Apartment Homes, which Voit describes as a “resort-style community,” has amenities such as a fitness center, outdoor lounges, a pool, a spa and electric vehicle charging stations. The deal for the property closed on Nov. 18.