December 14, 2018
A 99-year ground lease valued at $287-million was completed for a 6.84-acre affordable housing development project in Santa Ana, CA. The lessor was Broomell Commercial Properties, while the lessee was Alexis Gevorgian of AMG & Associates, LLC, The Pacific Companies and Jamboree Housing.
The ground lease incudes three parcels at 2110, 2114 and 2020 East 1st St. in a densely-populated area of Central Orange County. The buyer plans to develop two six-story buildings comprised of 552 workforce housing units and roughly 10,000 square feet of ground-floor retail space.
The project will be one of the largest affordable housing communities in the State of California. Construction is expected to commence in Q2 2019.
NAI Capital’s David Knowlton and Kirby Greenlee handled the deal on behalf of the lessor.
Knowlton notes, “This important project will help alleviate the chronic shortage for affordable housing in Santa Ana and the surrounding communities.”
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