CBRE announced the sale of a 0.29-acre development site, fully entitled for 15 apartment homes near Downtown Santa Ana, Calif., to a private investor for $1.16 million.
CBRE’s Senior Associate Michelle Jefcoat and Executive Vice President Dan Blackwell represented the seller, a private investor, based in the Orange County, Calif., in the non-exchange transaction. The buyer was also based in Orange County.
“The buyer was drawn to the strategic location of this fully entitled property, situated in an opportunity zone and less than a mile from Downtown Santa Ana,” explained Jefcoat. “Additionally, our efficient process ensured a seamless transaction, culminating in an all-cash purchase that closed within 28 days. Given the property’s prior listing with another brokerage firm, our client expressed immense satisfaction with our team’s ability to facilitate a successful sale.”
The “shovel-ready” development, currently named 4G Lofts, is situated at 1212 East 4th Street, near the intersection of North Grand Avenue in one of Orange County’s most sought-after communities to live, work and play.
The plans for 4G Lofts feature studio units and one- and two-bedroom units, with one apartment home designated as “very low affordable.” The development will include 17 parking spaces.
The 4G Lofts site is centrally located in one of Santa Ana’s employment cores. Within one mile of the site, there is over 4.4 million square feet of office space. Major employers in the immediate area include multiple state and national government agencies, Judicate West, Merrill Lynch, Geico, Kaiser Permanente, the Federal Courthouse, numerous law and accounting firms, mortgage lenders and many others. The apartment site is a 12-minute walk from the Metrolink Inland Empire-Orange County Line and the Metrolink Orange County Line at the Santa Ana Metrolink Station stop. Nearby parks include Logan Park, Prentice Park and Mabury Park. There is also an eclectic mix of restaurant options, a Sprouts Farmers Market grocery store a mile away, as well as numerous smaller specialty grocers.
About CBRE Group, Inc.
CBRE Group, Inc. (NYSE:CBRE), a Fortune 500 and S&P 500 company headquartered in Dallas, is the world’s largest commercial real estate services and investment firm (based on 2023 revenue). The company has approximately 130,000 employees (excluding Turner & Townsend employees) serving clients in more than 100 countries. CBRE serves a diverse range of clients with an integrated suite of services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at www.cbre.com.
