ANAHEIM, CA-The City of Anaheim has acquired a 16-unit apartment complex here in what amounts to a small deal in terms of dollars, but the city's acquisition of the complex is part of a larger plan for redeveloping the area surrounding the multifamily property. According to Sperry Van Ness, the city bought the complex at 1607-1613 Calle Del Mar, near Disneyland, from California-based Mazeltov LLC for $2 million.
The transaction was brokered by Jon Giannola of the Irvine office of Sperry Van Ness, who represented both the buyer and the seller. According to Giannola, the property sold at a high per unit price for the area, $125,000.
The Calle Del Mar complex is in an area of the city now known as Hermosa Village that was once known as Jeffrey Lynne. The city has been redeveloping it for several years in an effort to transform what was once an area known for crime, overcrowding and other problems.
The Jeffrey-Lynne area's more than 100 buildings and hundreds of apartment units were mainly built in the 1960s and in many if not most cases were in poor condition. The city's initial efforts to redevelop the area produced opposition from residents who said they would be displaced, but that has since subsided and Anaheim has proceeded with the redevelopment.
The 1607-1613 Calle Del Mar complex was built in 1963 and occupies a site of just under a half acre. The 16 units were 100% occupied at the time of the sale, with rents at about $850. The apartments consist entirely of one-bedroom/one-bathroom units and feature a secured entry with a community center and a pool.
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