Santa Ana Apartment Under Construction Sells For $101M
A transit-oriented mixed-use development under construction in Santa Ana has sold for nearly $101M.
LaTerra Development, which is constructing the project, has sold The Line at Santa Ana, a nearly 4-acre development with 228 apartment units and 4K SF of ground-floor retail at 3630 Westminster Ave., according to the Orange County Register.
A limited liability company called Oktoon Santa Ana purchased the site, according to the commercial real estate data site Reonomy. The property closed in June.
“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,” LaTerra CEO Charles Tourtellotte said in a statement to the Register. “The sale underscores the strength of the Orange County rental market.”
The Line at Santa Ana is a four- and five-story wrap-designed structure. The property, designed by KTGY Group, will have a fitness center, a pool, a spa, a clubroom with an outdoor dining area, a dog run, an outdoor/indoor children’s play center, and a rooftop lounge and theater, according to LaTerra.
LaTerra officials said it expects to complete the project within the next three months.
The apartment will be a mix of studio, one-, two- and three-bedroom units ranging from 520 to 1,200 SF with rents projected to be from $1,250 to $2,400.