A former office park in Anaheim will make way for a new single-family housing development, following the parcel’s sale to KB Home (NYSE: KBH).
The Los Angeles-based homebuilder paid north of $16 million for the 4-acre parcel at 2420 and 2450 East Lincoln near Downtown Anaheim, working out to a price of $4 million per acre.
It plans to break ground later this year on an 83-unit townhome community, dubbed The Sunkist Townhomes.
Allison Rawlins Tift with Land Advisors Organization represented the seller, Albert & Sons Real Estate I, in the deal.
“This is a strong entitled land sale to start off the year, and highlights the fact that builders really want to be in Orange County markets in both the short term and the long term,” Tift said.
The townhomes will run three stories; pricing or floor plan details have yet to be disclosed.
The approved development plan includes 24,852 square feet of recreation area with 15,627 square feet of common open space featuring a tot lot, community barbeques, seating area, dog park and a community garden.
On a per acre basis, it’s among the priciest land transactions on the books for Anaheim, according to records from real estate tracker CoStar Group Inc.
The site is roughly 2 miles from Downtown Anaheim and the Anaheim Packing House, a food and entertainment venue redeveloped from the Sunkist citrus-packing facility built in 1919.
Revitalization efforts have reached virtually all of Anaheim over the past decade, turning the historically industrial area into a mixed-use hub. The Platinum Triangle has drawn much of that investment in recent years, with plans underway to convert the Honda Center into the sprawling OC Vibe development.
KB Home’s parcel is situated on the East end of North Anaheim; the West side is home to 39 Commons, the name of the new community in the works at a 30-acre site at the intersection of Beach Boulevard and Lincoln Avenue.
Residential work is well underway at that long-awaited development site, while commercial efforts include fast-food eateries and retail stores. Among the first projects was Nolin, a townhome community led by Landsea Homes that broke ground in 2021. Sales are in the process, with prices starting around $600,000.
North OC Focus
The project is the first for KB Home in Orange County since its Lacy Crossing development in Santa Ana.
It acquired that site in 2020 for $26.5 million and is wrapping the construction of 117 detached and attached homes at the site, about a mile from the Santa Ana Zoo. Prices for the homes start at $929,990, according to the company’s website.
KB is also selling homes in Buena Park at a gated townhome community called Magnolia Square, with prices starting in the high $800,000s; and at its Lighthouse project in Stanton, a single-family community totaling 40 homes.
Both of those North OC projects opened in 2021.
For more on development projects in the works across OC, see this week’s Residential Real Estate Special Report, starting on page 19.