OASIS APARTMENTS

Location: Anaheim, California

Acquired in 2021

Located in the Northeast Anaheim (Anaheim Canyon) pocket, The Oasis Apartments is a 5-story podium apartment built in 2009 on approximately 5.21 acres and offers a mix of one-bedroom, two-bedroom units averaging 937 square feet with a townhouse, loft-style, and den units available. Amenities include a resort-style pool, clubhouse, fitness center, game room, outdoor patios, sport court, dog park, and much more. Located within walking distance of the Anaheim Canyon Metrolink Station and in proximity to major freeways, its location offers convenient access to jobs, dining, entertainment, and shopping.

As a result of its transit-oriented location along with its amenity offerings, The Oasis Apartments attracts a youthful and professional resident demographic. Current ownership, Redhill Realty Investment has owned this asset since 2018 and has completed renovations to approximately 30% of the unit interiors, spending approximately $20,000 per unit. Renovated units include quartz countertops, stainless steel appliances, hardwood-style plank flooring, tile kitchen backsplash, an undermount sink with gooseneck faucets, nest thermostats, modern cabinetry, and hardware. All units come with in-unit full-size washers & dryers. In addition, current ownership has recently completed a series of community improvements including a complete remodel of the clubhouse, leasing center, outdoor patio, pool, and spa area.

Gelt will renovate the remaining 70% of the unit interiors with similar finishes to the current renovation scope and expect to achieve on average a renovation premium of $287 per unit. With the continued renovation plan, its prime location, high barriers of entry, and supply constraints in this submarket, The Oasis will continue to foster demand and growth.