Project Summary:
This 3.63 acre site (158,087 sf) is under construction and nearing completion of a 250+unit multifamily asset. It is located in Orange County, California. 

• The product is a mix of studio, one, and two bedroom units in nine floor plans ranging in size from 623 sf to 1,276 sf;  
• It includes 250 market rate units and a few affordable;
• It is roughly 301,000 gross square feet and 223,000 net square fee; and
• Includes the first rec area designed on top of a parking structure.

The seller is an east coast MF Developer, with no other operations on the west coast. We were recently told they intend to sell the asset at stabilization. They are suggesting probably in Q2 of 2018. 

They did consider an unsolicited offer brought by another broker in the fall of 2016.  We understand the offer was in the mid-$90,000,000 range. They elected to wait until completion before going to market.

The Opportunity:
It is more than likely that this will be an off-market transaction, never offered to the broad market.

In 2013 we were approached by the original party that had the property in escrow and asked to JV it and serve as the managing member and local developer/operator.  We had other commitments at that time and passed. 

The current developer stepped in.  We have been in contact with the current developer numerous times since.  My partner’s uncle is the engineer on the project and provides a local office & address for the owner. In short, we have knowledge and access to the principals.

We do not have a listing or fee agreement with the developer.

Package/Information:
We have more background and can provide information including a site plan and other preliminary information upon request.