Avanath Capital Management in Irvine has bought a 36-unit affordable senior housing complex in Costa Mesa for $11.75 million.
The purchase of St. John’s Manor is the third Orange County property acquisition for the firm this year.
Avanath also bought The Overlook at Anaheim Hills, a 261-unit senior housing community in Anaheim, for $87.5 million, and The Grove Senior, an 85-unit senior housing community in Garden Grove, for $20 million.
The community at 2031 Orange Ave. was built in 1984 and renovated in 2007. It’s fully occupied. Avanath said it will begin minor upgrades.
“We entered the Orange County market earlier this year, and plan to continue to be extremely bullish in the region,” said John Williams, president and chief investment officer at Avanath. “Senior housing is an asset class that remains particularly of interest to us as it has been one of the best performing asset types within our portfolio throughout the pandemic.”
Williams said the city and its “robust local economy” have made it “extremely attractive” to Avanath.
“It is a walkable community that is close to major thoroughfares and features a variety of top retail and dining,” he said.
Avanath said it owns 13,000 units across the U.S., 2,550 units of which are age-restricted, senior apartments.
Omega Accounting Solutions has signed a new sublease with Broadcom in Irvine. The accounting firm will use the 21,464-square-foot, Class-A office at FivePoint Gateway as its new headquarters. Terms of the lease were not disclosed. (Courtesy of JLL)
Accounting firm shifts HQ to Broadcom sublease in Irvine
Omega Accounting Solutions has signed a new sublease with Broadcom in Irvine as the accounting firm expands and relocates to a 21,464-square-foot, Class-A office at FivePoint Gateway.
The new space at 15101 Alton Parkway will be the new headquarters for Omega and its 100 employees. The company is currently based in Laguna Niguel.
Terms of the lease were not disclosed.
JLL’s Scott Wetzel and Joe Bevan represented Omega in the sublease. Broadcom was represented by Patrick Ryan of Cushman & Wakefield.
“Omega is rapidly expanding our accounting and data services to meet the needs of businesses by bringing on more highly-trained staff to handle the workload,” said Jay Woods, president & CEO, Omega Accounting Solutions. “We are thrilled at the opportunity to take over the space at the FivePoint Gateway. The modern complex is a true innovation hub that we believe matches our priorities for collaboration, integrity and efficiency.”
FivePoint Gateway has 1 million square feet of office space across from the Irvine Transportation Center and close to the Orange County Great Park.
“The Irvine Spectrum remains the strongest submarket in Orange County,” said Scott Wetzel, JLL Executive Vice President. “We continue to see tenants diverge towards either ‘flight to quality’ or ’seeking value.’ In rare circumstances such as this, the two were combined.”
Brad Yates, left to right, Stefan Pastor, Susana Gurrola, Ian Armbruster and Trevor Wright are joining Irvine-based Stream Realty Partners as the firm expands its presence in the Inland Empire. The team will be based in Corona. (Photo courtesy of Stream Realty Partners)
Commercial brokerage expands team to Inland Empire
Irvine-based Stream Realty Partners is expanding its team in the Inland Empire, adding two senior commercial real estate experts and three associates who will focus on the firm’s growing industrial portfolio in the region.
Stefan Pastor and Brad Yates are joining Stream as senior vice presidents. The pair also brings with them three associates, forming a five-member sales team.
Pastor, who has worked in the Inland Empire market for 12 years, and Yates have 30 combined years of commercial real estate experience.
“Over the past few years, we have seen a continued climb of land prices and rents set against limited inventory and low vacancy,” he said. “These fundamentals have made the region one of the highest-performing industrial markets in the country, with land acquisition at a premium.”
Senior associates Ian Armbruster and Trevor Wright and brokerage services coordinator Susana Gurrola will join Pastor and Yates, who will operate out of Stream’s new Inland Empire location in Corona.
People in Real Estate
Andrew Nelson is the new director of strategic programs at Irvine-based Shopoff Realty Investments. He will work on Shopoff’s real estate securities programs. Previously, Nelson had his own law practice, Nelson Law Partners PLLC, and worked for The Bowman Law Firm LLC as director of financial due diligence.
Brent Taravella is the new chief financial officer at Costa Mesa-based C.J. Segerstrom & Sons, a real estate partnership. He brings experience in the shopping center, commercial real estate, investment and media sectors. Taravella previously was at CenterCal Properties where he served as executive vice president and chief financial officer.
Senior vice president Carlos Diaz has joined NAI Capital Commercial’s Irvine office. His specialties include leasing and tenant representation for institutional, corporate, and private clients.
Milestones
Innovative Housing Opportunities recently honored five industry executives for their contributions to affordable housing advocacy.
The 2022 Housing Innovation HIFive Award recipients are John Yamamoto, vice president, community health & government relations, Kaiser Foundation Hospitals/Health Plan, Southern California; Tiena Johnson Hall, executive director, California Housing Finance Agency; Tammy Tumbling, executive vice president and chief operating officer, Orange County Community Foundation; Elizabeth Hansburg, co-founder, executive director, People for Housing Orange County; and Victoria Torres, director of community impact, Anaheim, Samueli Foundation.
At IHO’s 45th-anniversary celebration, President and Chief Executive Rochelle Mills unveiled plans for the company’s first Housing Innovation Fund, which aims to speed delivery of new housing units; reduce development costs; focus on mixed-income and mixed-populations communities; integrate resident services; and integrate community participation.
The affordable housing developer has targeted 10,000 new housing units over the next 10 years.
Cadigan foundation gives $49M to Boston prep school
The philanthropic foundation of the late Patrick Cadigan, one of Orange County’s largest real estate investors, has donated $49 million to a Jesuit high school in Boston.
It was the second $40-million-plus donation the Cadigan Family Foundation has made in just two months.
The foundation was created in 2002 by Cadigan, the former chief executive of Electronic Engineering Co. of California, now Transico, in Brea. The Newport Beach investor and philanthropist was 85 years old when he died in April 2020.
Boston College High School, a college-preparatory school for boys in seventh through 12th grades, announced last week the foundation had given it $49 million to go toward building a 50,000 square foot Wellness Complex on the high school campus.
The longtime Southern California businessman was EEOC’s CEO for nearly 20 years. He retired from the company when his wife was diagnosed with cancer but later served as chairman and CEO of Gateway Communications Inc. and Linear Instruments Corp.
In February 2022, the Cadigan foundation gave Claremont Graduate University a $42 million gift for the new School of Arts and Humanities as well as a hub for entrepreneurial business faculty and students.
The foundation in 2012, also gave Boston College and BCHS a combined $27 million, saying it was an honor to support the schools that supported him in his youth.
Cadigan invested millions in multifamily properties in Southern California. He owned thousands of apartment units across dozens of complexes. A month before he died, Cadigan bought Terra at Tustin, a 116-unit apartment community on Walnut Avenue for $41 million.
Real estate transactions, leases and new projects, industry hires, new ventures and upcoming events are compiled from press releases by contributing writer Karen Levin. Submit items and high-resolution photos via email to Business Editor Samantha Gowen at [email protected]. Please allow at least a week for publication. All items are subject to editing for clarity and length.