Description

This offering is for a 50% fee-simple interest in the asset which has an estimated value of $25,000,000. The Belinda Apartments is a 91-unit multifamily asset located at 125 North Belinda Circle in the heart of Anaheim. The property sits at the end of a cul-de-sac and features a unit mix of (51) 1-Bedroom + 1-Bathroom, (18) 2-Bedroom + 1-Bathroom, and (22) 2-Bedroom + 2-Bathroom units. The two-story property was built in 1970 and has +/- 75,544 square feet of improvements on an expansive +/- 132,553 square foot lot. A new Buyer will obtain ownership interest in the existing LLC and benefit from a higher than market yield, proven building track record, low vacancy, blended property tax rate, and a well maintained asset. The building has significant upside in rents which can be captured either through renovation of units as they turn, or slower growth through annual rent increases of 5% + CPI per AB1482.The Belinda Apartments offers residents a wide range of resort like amenities such as: expansive grounds, swimming pool and cabana, barbecues, controlled access, on-site lease office, private patios, efficient layouts, 131parking spaces, and three on-site laundry facilities. Anaheim is most known for its famous main attraction Disneyland, although other prominent employers like Angel Stadium, Anaheim Convention Center, and Kaiser Permanente Medical Center create huge demand for housing. Anaheim is also a big draw from neighboring cities like Buena Park, Orange& Fullerton - also home to large employers.