A nearly third-of-an-acre lot in Santa Ana, entitled for 15 apartments at 1212 East 4th St., recently sold for nearly $1.2 million. 4G Lofts will have one- and two-bedroom units, with one apartment designated as “very low affordable.” (Rendering courtesy of Eric Zuziak, architect)
A nearly third-of-an-acre parcel in Santa Ana entitled for 15 apartments sold April 5 for $1.16 million, according to CBRE and public records.
“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,” said Michelle Jefcoat at CBRE.
The development at 1212 East 4th St. has been dubbed 4G Lofts and will include studio units and one- and two-bedroom units, with one apartment home designated as “very low affordable.
The complex will also include 17 parking spaces.
CBRE offered no timeline on the project for the new owner, identified as American Pacific Investment Group LLC in public documents. The seller was listed as Unison Real Estate Group.
Investors hot for multifamily properties in Costa Mesa
In recent weeks, CBRE also brokered four multifamily properties for a combined $13.2 million in east Costa Mesa. Here’s a rundown of those transactions:
Six units at 2666 Orange Ave. sold for $3,235,000 or $539,167 per unit.
Built in three separate years (1954, 1956 and 1965), the property includes five buildings spanning 4,500 square feet. The nearly half-acre-lot includes three detached two-bedroom bungalows, two two-bedroom units in a duplex, plus one one-bedroom single-family detached unit.
“This property, set on a large 18,300-square-foot lot, features a collection of individual cottages and a duplex facing Orange Avenue,” said Dan Blackwell at CBRE.
Three units at 140 Albert Place sold for $2,150,000 or $716,667 per unit.
The property includes one detached two-bedroom house in front and two two-bedroom back units totaling for a total of 2,592 square feet.
Four units at 122 Magnolia St. sold for $2,038,500 or $509,625 each. The rental property at 122 Magnolia includes four one-bedroom units in 2,458 square feet.
A 12-unit property at 1993 Church St. snared $5,750,000 and comes with approval for two accessory dwelling units.
“The Eastside Costa Mesa market remains robust, showing ongoing growth and activity. Investors are drawn to multifamily properties in this area due to the consistent demand for rental housing, the potential for strong rental yields, and the stability of the local economy, making it an attractive investment opportunity,” Blackwell noted.
Fullerton apartment property fetches $1.85 million
To the north in Fullerton, a five-unit apartment property recently sold for $1.85 million, according to Marcus & Millichap.
Built in 1992, the building at 124 West Truslow Ave. includes mostly two-bedroom floor plans. Two of the units are two-story townhomes.
The building was listed for just 36 days before it sold, said Tyler Leeson, a managing director in Marcus & Millichap’s Orange County office.
“The seller is a repeat client who sold the asset as-is and as an all-cash transaction,” he said.
New leases bolster Griffin Towers occupancy
Griffin Towers in the South Coast Metro area has signed a bevy of new leases in the past year.
The two-building property traded hands in April 2023, selling for $82 million and at a 36% loss for Blackstone. The buyer was Barker Pacific Group and Kingsbarn Realty Capital.
The 13-story Griffin Towers at 5 and 6 Hutton Centre Drive in Santa Ana at the 55 freeway were 68% leased at the time of the sale. CBRE’s Taylor Friend, Peter Wells, Dean Chandler and Justin Hill have landed several key leases to help fill the space.
Those new leases include:
GeoPentech, a geoengineering and geoscience consultancy (small- to large-scale civil engineering projects), leased 2,956 square feet.
GoEngineer, a 3D printing services company, leased 2,974 square feet.
Thomas Kearns McKnight LLP, a consumer rights and advocacy law firm, leased 13,563 square feet.
Senior Doc, a senior healthcare services company, leased 14,557 square feet.
Optima Tax Relief, which relocated from the now-demolished Elevate@Harbor building in late 2023, expanded its footprint to 57,230 square feet.
Alison Co. celebrates 9 decades
The Alison Co. in Newport Beach is celebrating 90 years in business as a commercial mortgage banking firm.
Founded in 1934, the firm says its loan servicing portfolio has grown to more than $1.6 billion.
Those loan options are available for office buildings, retail shopping centers, industrial parks and distribution facilities, apartment buildings, self-storage facilities, hotels and even boat marinas.
The company also counts offices in San Diego, Scottsdale, Las Vegas and Santa Barbara.
Milestones
Mansoor Bahramand, chief technology officer at the Revive Real Estate in Irvine, recently was named a 2024 Future Leader in Real Estate by Inman. The award recognizes emerging real estate industry leaders under the age of 40. Bahramand leads Revive’s engineering department and also co-founded the startup studio Branch. Revive provides money, guidance and contractors to perform pre-sale renovations on residential homes.
The design firm Ware Malcomb in Irvine recently received the Organizational Excellence in Community Engagement award from the Giles O’Malley Center for Leadership at Cal State Fullerton. The award recognizes outstanding Southern California organizations that demonstrate excellence in corporate social responsibility and community outreach.
Real estate transactions, leases and new projects, industry hires, new ventures and upcoming events are compiled from press releases and edited by Business Editor Samantha Gowen. Send suitable contributions to sgowen@scng.com. Please allow at least a week for publication. All items are subject to editing for clarity and length.
