Affordable Housing Complex Near Disneyland Sells for $108M
The deal follows a string of nine-figure deals surrounding the park over the past year
By Nick Trombola February 28, 2025 5:10 pm
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An affordable housing complex just a few miles from the happiest place on Earth has traded hands for over $100 million. Who wouldn’t want to live near Disneyland?
Beverly Hills-based investment firm BLDG Partners has closed a deal for the 392-unit Park Vista Apartment Homes, paying Bethesda Holdings $108 million for the affordable multifamily property, or about $275,500 per unit, according to Traded.
Bldg Partners CEO Matthew Ellis along with colleagues Matt Jacobs, Sam Kuiumdjian and Guy Penini arranged the deal, while Scott Melnick of Melnick Real Estate Advisors represented the seller.
Melnick and a spokesperson for Bldg Partners did not immediately respond to a request for comment.
Located at 1200 North Robin Street, Park Vista sits about three miles north of Disneyland. The resort is a massive draw for Anaheim and the surrounding area, evidenced by the amount of deals occurring around the theme park.
Late last year, Utah-based investment firm Dynamic City Capital paid $207.3 million for the SpringHill Suites and Residence Inn hotels in Anaheim, within walking distance of the southern entrance of the park. The sale price for the 294-room Residence Inn in particular, at $179.3 million, equates roughly to an eye-watering $610,000 per key. The sale for both hotels was one of the largest hospitality deals in Southern California last year.
About six months earlier, Tarsadia Investments landed a $125 million refinancing deal for the 1,030-room Anaheim Marriott Hotel, less than a mile south of the Residence Inn and SpringHill Suites. Bank of America provided the commercial mortgage-backed securities loan, which replaces $110 million of CMBS debt that J.P. Morgan Chase provided to Tarsadia in 2014.
Nick Trombola can be reached at ntrombola@commercialobserver.com.
