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.”