ANAHEIM \u2014 The investment arm of Anaheim Ducks owners Henry and Susan Samueli has teamed up with a prominent Orange County workforce housing developer to acquire a high-end apartment complex in the Platinum Triangle for $153.6 million.<\/p>\n
H&S Ventures, the Samuelis\u2019 family office, purchased the 371-unit Edge Apartments from PGIM Inc., Prudential Financial\u2019s asset management business, with Newport Beach-based Waterford Property Company assisting in the acquisition.<\/p>\n
The sale price comes to about $414,000 per apartment.<\/p>\n
The deal marks, by price, the largest reported commercial real estate acquisition the Samueli family has made in Anaheim\u2019s Platinum Triangle since the $125 million acquisition of the Arena Corporate Center in 2018 The Samueli family has amassed one of the area\u2019s largest property portfolios.<\/p>\n
Built by JPI Companies in 2019, the five-story complex at 1921 S. Union St. features apartments averaging 865 square feet and contains more than 31,000 square feet of indoor and outdoor amenities, including a heated swimming pool, clubhouse and an arcade room hidden behind a bookshelf entrance.<\/p>\n
CBRE\u2019s Rachel Parsons, Derrek Ostrzyzek, Mike Murphy and Kenji Thomas represented the seller.<\/p>\n
The deal comes shortly after New York-based Tishman Speyer purchased the neighboring Rise Apartments, a 376-unit complex at 1910 S. Union St., for about $160 million, or about $425,000 per unit.<\/p>\n
The two properties combined have 747 apartments and traded for almost $314 million within about a week.<\/p>\n
The two sales represent the second and third largest apartment deals in Orange County this year \u2014 behind the $180.4 million sale of a 380-unit apartment in Mission Viejo, which was part of a CalStrs portfolio acquisition in July.<\/p>\n
Growing Platinum Triangle<\/p>\n
The back-to-back sales offer another bullish sign of institutional investor interest in the Platinum Triangle, an 820-acre district that has transformed from a largely industrial and commercial area into a growing mixed-use live, work and play neighborhood anchored by Honda Center and Angel Stadium.<\/p>\n
The area is attracting billions of dollars in investment, including the Samuelis\u2019 $4 billion, 100-acre OCVibe mixed-use project and a $1 billion renovation of Honda Center.<\/p>\n
Disneyland Resort, about a 10-minute drive from the hub, has also committed at least $1.9 billion in its resort area over 10 years as part of the city-approved DisneylandForward plan.<\/p>\n
Both deals closed before the announced $4 billion sale of the Los Angeles Angels to billionaire real estate and sports mogul Stan Kroenke.<\/p>\n
The team\u2019s lease includes the 150-acre, city-owned Angel Stadium property and control of its vast surrounding parking lots. It is still unclear what Kroenke plans to do with the site.<\/p>\n
But many expect that once the Angels deal closes sometime next year, Kroenke will try to strike a deal with the city and possibly transform the site into a mixed-use district similar to what he did when he purchased the Los Angeles Rams and developed SoFi Stadium, YouTube Theater and Hollywood Park in Inglewood.<\/p>\n
\u201cWhen you look at Orange County as a whole, it\u2019s one of the only places that you really see billions of dollars of investment,\u201d Parsons said. \u201cWhen you go to this pocket of town, in five or 10 years it\u2019s got to look and feel different, right? Because there\u2019s growth. There\u2019s exciting things happening, and you just don\u2019t see that level of investment in infrastructure and development really anywhere else in the county right now.\u201d<\/p>\n
Parsons said that both properties received several bids and were on the market for about 45 days before CBRE chose buyers. Instead of selling the apartments as a package, CBRE decided to market them separately.<\/p>\n
OC Apartment Demand<\/p>\n
The two apartment sales also highlight the demand for large multifamily investments in Orange County.<\/p>\n
So far this year, 11 apartment properties with more than 100 units have sold in the county, Parsons said. Last year, 10 sold in Orange County, same as in 2024, according to CoStar property records.<\/p>\n
\u201cOrange County remains every institutional investor\u2019s No. 1 target market right now, just because the fundamentals have been really tight,\u201d Parsons said.<\/p>\n
The Platinum Triangle has kept occupancy above 95% with few concessions, she said. Edge and Rise are about 97% occupied, according to CoStar.<\/p>\n
PGIM first bought Edge, Rise, and a third nearby apartment now called Griffis Platinum Triangle as part of a $380 million, three-property portfolio sale from JPI in 2021.<\/p>\n
PGIM sold the 332-unit Griffis to Colorado-based Griffis Residential in December.<\/p>\n
Parsons said CBRE marketed Edge and Rise separately because selling them together would have made the total price too high for many institutional buyers.<\/p>\n
\u201cThe check size starts to get really large when you\u2019re over $300 million,\u201d Parsons said. \u201cThere was more demand, and ultimately the culmination of pricing was stronger by selling them to two individual groups versus one portfolio buyer.\u201d<\/p>\n
Samuelis\u2019 Growing Anaheim Portfolio<\/p>\n
The acquisition of Edge adds another Monopoly board piece to the Samueli family\u2019s expanding Anaheim real estate portfolio.<\/p>\n
The property is across the street from Angel Stadium and about 1.5 miles from OCVibe and Honda Center, where the Samuelis have focused much of their investment.<\/p>\n
Since 2020, including Edge, H&S has spent about $318 million buying properties in Anaheim. These include both Stadium Tower office buildings, a 105,000-square-foot industrial property near Angel Stadium and two retail properties that will be part of OCVibe.
Broadcom co-founder Henry Samueli has an estimated net worth of about $32 billion, according to Forbes. He and wife, Susan, are self-financing the $4 billion OCVibe development, in part through loans backed by his Broadcom shares.<\/p>\n
In 2024, Samueli pledged 16.2 million Broadcom shares, valued at about $2.7 billion at the time, as collateral for loans to help finance OCVibe, according to Broadcom regulatory filings.<\/p>\n
The Edge purchase stands out because H&S teamed with Waterford on the acquisition. H&S provided the capital, while Waterford assisted with the deal and could serve as a third-party asset manager.<\/p>\n
It\u2019s unclear whether Edge could eventually follow a similar model.
Waterford declined to comment.<\/p>\n
H&S, however, said it plans to maintain the property as a high-quality residential community. Parsons noted the Samueli family\u2019s long-term investment in Anaheim.<\/p>\n
\u00ad\u201cThey really like the construction, they like the quality, they like the basis and just their long-term mentality,\u201d Parsons said.<\/p>\n","protected":false},"excerpt":{"rendered":"ANAHEIM \u2014 The investment arm of Anaheim Ducks owners Henry and Susan Samueli has teamed up with a…\n","protected":false},"author":2,"featured_media":470972,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[36],"tags":[163,165,164],"class_list":["post-470971","post","type-post","status-publish","format-standard","has-post-thumbnail","category-anaheim","tag-anaheim","tag-anaheim-headlines","tag-anaheim-news"],"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/us-ca\/wp-json\/wp\/v2\/posts\/470971","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/us-ca\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/us-ca\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ca\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ca\/wp-json\/wp\/v2\/comments?post=470971"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/us-ca\/wp-json\/wp\/v2\/posts\/470971\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ca\/wp-json\/wp\/v2\/media\/470972"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/us-ca\/wp-json\/wp\/v2\/media?parent=470971"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ca\/wp-json\/wp\/v2\/categories?post=470971"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ca\/wp-json\/wp\/v2\/tags?post=470971"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}