Coronado Palms

The Mogharebi Group is pleased to present the opportunity to acquire Coronado Palms, a 169-unit multifamily community located in the heart of Anaheim, California. Constructed in 1983 and situated on 5.15 acres, the property is comprised of two- and three-story rental buildings housing a mix of spacious one-, two-, and three-bedroom floorplans ranging from 836 to 1,035 square feet including a two-bedroom townhome option. The community offers numerous common area amenities including a resident clubhouse, business center, resort-style swimming pool with cabanas, fitness center, picnic areas with barbeque grills, children’s playground, and 6 laundry facilities. The property is subject to a ground lease with 89 years remaining. Coronado Palms provides an opportunity to continue a proven value-add strategy to realize further rental upside. Currently 106 of the 169 units have been renovated and are achieving a minimum $245 premium over non-renovated units. As the cost of homeownership rises, Anaheim is seeing a significant rent versus buy affordability gap of over 57% with a median home price of $898,000 and an average monthly home cost of $4,700.