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March 25, 2019
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Santa Ana Site Ground-Leased for Affordable Housing Development

12/14/18

In news of a large affordable housing transaction out of Orange County, a venture consisting of Alexis Gevorgian of AMG & Associates LLC, The Pacific Companies and Jamboree Housing, agreed to a 99-year ground lease for a 6.84-acre development site in Santa Ana. The deal was valued at $287 mil.

The ground lease incudes three parcels located at 2110, 2114 and 2020 East 1st St, in a densely populated region of Central Orange County. The buyer will develop two six-story buildings comprised of 552 workforce housing units and approximately 10k sf of ground-floor retail space.

Once complete, the project will be one of the largest affordable housing projects in the State of California. Construction is expected to commence approximately four months from now.

David Knowlton, SIOR, CCIM and Senior Vice President Kirby Greenlee with NAI Capitalís Irvine office represented the lessor, Broomell Commercial Properties.







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