NAI Capital has completed a 99-year ground lease for an affordable housing project in Santa Ana, Calif. The company represented the landlord, Broomell Commercial Properties, and the tenants, AMG & Associates, The Pacific Cos. and Jamboree Housing. The lease was valued at $287 million.
The leased parcels are located at 2110, 2114 and 2020 E. 1st St. and occupy 6.8 acres, near the intersection of Interstate 5 and Freeway 55, approximately 8 miles from Irvine, Calif., and 34 miles from downtown Los Angeles. The tenants of the parcels plan to develop two six-story buildings, comprising a total of 552 workforce units and 10,000 square-feet of ground-floor retail space. The project is expected to break ground in the first quarter of 2019.
“This important project will help alleviate the chronic shortage for affordable housing in Santa Ana and the surrounding communities,” said NAI Capital Executive Vice President David Knowlton, in prepared remarks.
Image courtesy of NAI Capital