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Santa Ana Apartment Development Sells for $101M

A 228-unit apartment project under construction in Santa Ana has sold for north of $100 million to a private investment firm.

Los Angeles-based LaTerra Development LLC sold The Line, which is expected to wrap construction this summer for $100.8 million, or $442,280 per unit.

It’s among the top apartment sales of the past year in Orange County.

The buyer, listed in property records as Oktogon Santa Ana LLC, a newly formed Champaign, Ill.-based real estate investment company whose ownership includes individuals from San Diego with ties to the recent college admissions scandal, Business Journal research shows. LaTerra did not disclose the buyer in its announcement of the June sale.

La Terra and the Illinois buyer have done other deals together in San Diego, according to reports from sister publication San Diego Business Journal.

2015 Land Buy

LaTerra bought the Santa Ana land in 2015, and said it plans to stay involved with completion, lease-up and stabilization of the project, which is near the intersection of Harbor Boulevard and Westminster Avenue.

“The sale underscores the strength of the Orange County rental market and recognizes LaTerra’s brand of developing urban properties near transit with outstanding amenities,” said Charles Tourtellotte, the developer’s president and chief executive.

Situated on 3.9 acres at 3630 W. Westminster Ave., the 262,279-square-foot development includes 4,000 square feet of ground-floor retail, and studio, 1 to 3-bedroom units ranging in size from 520 to 1,200 square feet. Rents are projected to be between $1,250 and $2,400.

Irvine architecture firm KTGY Group is designing the project, which will have a rooftop deck, a 2,200-square-foot fitness center, and a pool deck with cabanas, a spa, and an outdoor fireplace.

LaTerra’s deal followed the 2014 passage of the Harbor Mixed Use Corridor Specific Plan, designed to spur development along transit corridors in the city.

“The immediate area has not seen any new apartment development for over 20 years,” Tourtellotte said. n

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