June 14, 2019 Comments (0) Views: 136 California News, Orange County

LaTerra Sells Santa Ana TOD MF for $101M

Los Angeles-based LaTerra Development sold The Line at Santa Ana for roughly $101 million, or $445,000-per-unit. The 228-unit multifamily transit-oriented development in Santa Ana, CA also includes 4,000 square feet of ground floor retail. The buyer was undisclosed.

LaTerra’s Charles Tourtellotte says, “The Line at Santa Ana is a premier property with terrific design and amenities, and is directly adjacent to a future light rail line stop. The sale underscores the strength of the Orange County rental marke,t and recognizes LaTerra’s brand of developing urban properties near transit with outstanding amenities.”

The under-development project sits on 3.9 acres at 3630 W. Westminster Ave. The project is expected to be complete within three months and LaTerra will stay involved with completion, lease-up and stabilization of the project.

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