Orange County Adaptive Reuse Project Sells for $54M

The historic office building in Santa Ana, Calif., will turn into a 148-unit workforce housing community.
888 Tower. Image via Google Street View

Alliant Strategic has acquired 888 Tower, a historic office building to be repurposed as a 148-unit workforce housing community in Santa Ana, Calif., through its Alliant Strategic Opportunity Zone Fund I. Public records show Caribou Industries Inc. sold the asset for $54 million and the buyer financed the purchase with a $39.5 million loan from Calmwater Capital. Brokered by Lineage Asset Management and Brookwood Group, 888 Tower is the first adaptive reuse project bringing multifamily units to Orange County.

Originally developed in the 1960s, the 10-story asset rises at 888 N. Main St. in the heart of the city’s central business district. After repurposing, 888 Tower will house studios, one- and two-bedroom floorplans, with all units reserved for residents earning 100 percent of the area’s median income. Amenities will include a fitness center, yoga studio and internet café, as well as two levels of subterranean parking.

The 1.4-acre property is less than 1 mile north of the city center and the historic district, adjacent to UCI Health Family Health Center. The location is also less than 3 miles from Orange County’s second-largest development underway, a 419-unit affordable project slated for delivery before the end of the year.