Real estate news: Former rehab campus in Orange transitioning to affordable apartments

Work has begun on what will soon be a 166-unit affordable apartment complex in Orange for low-income residents over the age of 55.

The Orion, under development by USA Properties Fund and Riverside Charitable Corp., is taking the place of the former Rehabilitation Institute of Southern California. The property at 1800 E. La Veta Ave. encompasses 3.85-acre property.

While ground recently was broken for the new complex, demolition continues on the RIO campus.

When complete, apartments at The Orion will be available to residents who meet certain income requirements.

Amenities will include a clubroom, fitness area, a dog park and an on-site senior services center.

Residents over 55 must earn between 30% and 70% of the area median income for Orange County, which is about $37,860 to $88,340 for a two-person household. Those income requirements will likely shift before the apartment community is completed.

Rents will range from $806 to $1,990 for a one-bedroom apartment, and $965 to $2,376 for a two-bedroom unit, based on the income of residents.

The $64 million development is funded by a public-private partnership among the city of Orange, Orange County, Orange County Housing Finance Trust, Orange County Health Care Agency, Bank of America, Citibank and Safehold.

In addition to lender financing, here’s what each organization is contributing to The Orion:

Orange County Housing Finance Trust: $500,000

County of Orange: $920,000 plus the eight project-based vouchers (for eight supportive housing units)

City of Orange: $2.2 million

Riverside Charitable: $4 million

USA Properties Fund will manage The Orion, which will have three- and four-story buildings. The architect for the project is AO in Orange.

This eight-unit apartment property in Garden Grove sold recently for $2.22 million. The two-story building includes seven one-bedroom units and one two-bedroom unit, all of which were recently renovated. (Photo courtesy of CBRE)

Garden Grove apartment building sells for $2.2 million

An eight-unit apartment property in Garden Grove sold recently for $2.22 million or $278,125 per unit , according to CBRE.

CBRE said the property includes seven one-bedroom units and one two-bedroom unit, all of which were recently renovated.

The 5,076-square-foot, two-story apartment building at 10651 Tibbs Circle was built in 1960 on a 9,224-square-foot lot.

Recent improvements include new vinyl plank flooring, countertops, wall fixtures and lights, stainless steel appliances, cabinet hardware and handles, bathroom vanities, toilets and bathroom fixtures and new windows in select units.

Harbor West Medical Plaza, a 12,760-square-foot office property in La Habra, sold in early Aug. for $1.85 million. (Photo courtesy of Marcus & Millichap)

Medical building in La Habra fetches $1.85 million

Harbor West Medical Plaza, a 12,760-square-foot office property in La Habra, sold in early August for $1.85 million in an all-cash transaction, according to Marcus & Millichap.

The seller of the building was cashing out and sold the property to retire, executives at the brokerage said. The building fetched several offers and sold in 15 days.

The two-story building at 860 East La Habra Blvd. has 22 suites, most of them occupied at the time of the sale, Marcus & Millichap said.

David Arnold is the new director of Finance and Business Operations at MVE + Partners, an architecture, planning and design firm in Irvine. (Photo courtesy of MVE)

Industry people on the move

David Arnold is the new director of Finance and Business Operations at MVE + Partners, an architecture, planning, interior design and urban design firm in Irvine. He will be responsible for collaborating on the firm’s long-term strategy and goals. Arnold previously founded Hillcrest Homes, a real estate development firm that entitled some 12,000 lots in Southern California. He also was chief financial officer at Brookfield Homes Southland and director of land acquisition at Lewis Group of Cos.

The real estate roundup is compiled from news releases and written by Business Editor Samantha Gowen. Submit items and high-resolution photos via email to sgowen@scng.com. Please allow at least a week for publication. All items are subject to editing for clarity and length.