ANAHEIM, CA—In one of the most significant transactions of 2015, Greystar Real Estate Partners has purchased a major mixed-use development in downtown Anaheim. Currently named the Promenade at Anaheim, the property comprises four different buildings in the Center Street Promenade area and was purchased from CIM Group. The building includes 276 residential units and approximately 27,000 square feet of retail. It is a prominent anchor for Center Street, which joins with The Anaheim Packing District to form the bustling Center City Anaheim or “CtrCity Anaheim,” as the area is being rebranded.
Greystar plans to rebrand and invest significantly in the four buildings, upgrading both residences and community amenities. The company will also invest in the property's storefronts, continuing the dining and retail boom of Anaheim, which includes the bustling Packing House food hall.
“This transaction represents a continuation of Greystar's strategic focus on acquiring well-located apartment communities below replacement cost in thriving markets with robust employment growth,” says Kevin Kaberna, senior managing director of investments. “We believe there is a significant opportunity to utilize our capital renovation and operational expertise to reposition the property and add to the area's positive momentum that the City of Anaheim has been instrumental in creating.”
The Packing House, Anaheim's innovative food hall in a restored 1919 Sunkist citrus-packing building, is now 98 percent leased after adding three new restaurants. The City has also announced that Center Street Promenade has opened a new restaurant, and that leases are signed for two major spaces in the upcoming MAKE building across from The Packing House.
These successes join The Domain by Brookfield Residential – 100 for-sale flats and townhomes that are nearly sold-out – and the recent purchase by PRES of a class A, 8-story office tower and the subsequent leasing of its entire 191,556 square feet to St. Joseph Heritage Healthcare, comprising Orange County's largest lease of 2014.
“The City could not be more thrilled that Greystar – a leading, international investor and manager – has become the latest neighbor to expand the success of The Packing District and Center Street,” said Anaheim Community and Economic Development Director John Woodhead. “We have a vibrant mix of for-rent and for-sale housing, authentic retail, active open space, and office developments. All components are working in sync, and even more exciting developments are coming soon.”
Greystar is a leading, fully integrated real estate company offering expertise in investment management, development, and property management of rental housing properties globally. Headquartered in Charleston, SC, with offices in the United States, United Kingdom, Mexico, and the Netherlands, Greystar is the largest operator of apartments in the United States, managing approximately 400,000 units in over 145 markets globally.
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David Phillips
David Phillips is a Chicago-based freelance writer and consultant with more than 20 years experience in business and community news. He also has extensive reporting experience in the food manufacturing industry for national trade publications.
