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Yorba Linda Apartments Trade for $118M


Resource Real Estate Opportunity REIT acquired the 400-unit Yorba Linda Apartments at 25550 River Bend Dr in Yorba Linda for $118M from AvalonBay Communities. The property dates from the mid-1980s and is on more than 22 acres. The buyer will pursue a value-add strategy that includes capital improvements to the exterior, common area upgrades and modernizing all unit interiors, reports CoStar. Yorba Linda has an extremely high barrier to entry in the multifamily sector, according to the buyer, with just 402 new apartment units developed there in the past 20 years. [CoStar]