Berkadia Institutional Solutions Completes Sale of Multifamily Property in Orange County
IRVINE, Calif. – December 21, 2022 – Berkadia Institutional Solutions announced today the sale of Anavia, a 250-unit apartment community located in the Platinum Triangle area of Anaheim, California. Senior Managing Director Tom Moran of Berkadia Irvine completed the off-market sale on behalf of the seller Essex, a publicly traded REIT, and buyer, Chapman University, a private university located in the city of Orange. The deal closed on November 16, 2022.
“Anavia will provide Chapman University with an additional residence hall to meet their growing student housing needs,” said Moran. “With 550 bedrooms and 607 parking spaces, it was the perfect candidate for conversion into student housing. The property was originally built as a for-sale condominium project, so it’s comprised mostly of two- and three-bedroom units, including townhomes, with a large average unit size of 1,249 square feet.”
Located at 2145 South State College Boulevard, Anavia was completed in 2009 by national homebuilder KB Homes and was conceived as a luxury condominium project. Moran & Company sold Anavia to Essex during the great financial crisis in 2010. In addition to spacious, well-designed one-, two- and three-bedroom floor plans, the property also features 10,000 square feet of class-A amenity space including a large two-story lobby, pool and spa with poolside cabanas with flat-screen televisions, a skyclub entertainment/game room, fitness center with a yoga/pilates loft, and landscaped courtyards with barbeque grills and outdoor fireplaces. Anavia offers an excellent location within the Platinum Triangle. It is across the street from Angel Stadium, within a ten-minute walk of the Anaheim Metrolink/Amtrak Station and surrounded by five major freeways, easily connecting residents to numerous lifestyle and entertainment amenities located throughout both Orange and Los Angeles counties.