Prometheus Group Buys Anaheim Hills Apartments

Prometheus Real Estate Group Inc. said it has acquired the Cascades Apartments in Anaheim Hills from Bear Stearns Joint Venture for $41 million.

Prometheus paid an average of $143,000 per apartment for the 292-unit property, one of the top prices per unit in Orange County this year.

Despite strong job and population growth, builders are having a hard time keeping up with demand because land is too scarce and too costly to develop. For that reason, rents in Orange County are expected to rise an average 8% over the next year to $1,194, according to Marcus & Millichap Real Estate Investment Brokerage Co.

John Millham, Prometheus’ director of acquisitions, said the property is near several freeways and areas in Orange County where large numbers of people are employed.

Prometheus, a Redwood City, Calif.-based owner of multifamily and commercial properties, is planning to renovate the apartments and the clubhouse, fitness center and pool area, Millham said. The company owns about 1,000 rental units in Southern California,

Bear Stearns was represented by CB Richard Ellis.