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Monday, May 20, 2024

Anaheim RV Park Eyed For Rental Project

A 6-acre site in Anaheim that has long served as a family-run RV park has traded hands, with plans for new apartments in the works.

An affiliate of Encore Capital Management, a Florida-based multifamily investor and developer, paid $26 million or $4.3 million per acre for the parcel in Anaheim’s resort district, just east of the Santa Ana (5) Freeway.

It was sold by Vernon Mangels, whose family has owned the land for more than six decades.

“My grandfather started the park in 1956 as a mobile home community, and I ended up buying the park in the mid-2000s and brought the park back to life,” Mangels told the Business Journal.

“I’m moving out of state, and figured it was time to sell the land.”

Sal Provenza, a partner at Irvine-based land brokerage firm WD Land, represented Mangels in the transaction, which closed earlier this month.

OC First

This is the first local buy for Encore, which has nearby developments in Los Angeles and San Diego.

The firm, which specializes in multifamily and mixed-use development, plans to build 159 townhome-type rentals at the site along Anaheim Boulevard, about a mile from Disneyland Resort.

The site is not currently entitled for residential use, but has a residential opportunity overlay, which “will make the entitlement process quicker,” Provenza said.

It’s also in a designated opportunity zone, which Provenza said “was a strong incentive for the buyer.”

“The buyer plans to hold on to the property for at least 10 years to reap the full tax benefits, and then will decide how to sell,” Provenza said.

2020 Construction

Construction is expected to begin as soon as late next year on the project, which will likely include three-bedroom models targeted for families.

The sale is the latest sign of investment for Anaheim’s resort area, which “is going to go through a lot of changes in the near-term,” according to Prozenza.

“The city is planning new initiatives and overlays for the immediate area, which has had a tough time receiving investment,” Provenza said.

Encore has nearly $2 billion assets under management, with investments in Florida, California, Oregon, Arizona and New Jersey.

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