How High Housing Prices Are Affecting Residents’ Needs

Rupp: “Having an existing industrial building reduces our risk on the acquisition, and with the leaseback to the land seller, we can offset our pre-development and entitlement costs.”

ANAHEIM, CA—As housing prices continue to escalate in Orange County, projects that include a mix of detached and attached for-sale homes, along with modern and highly amenitized apartment buildings, are critical, Shopoff Realty Investment’s SVP development Brian Rupp tells GlobeSt.com. The firm, a national manager of opportunistic and value-add real estate investments, along with funds managed by Argosy Real Estate Partners, has acquired a 20.5-acre property here for redevelopment to residential use. This is the third land-development opportunity that Shopoff has undertaken in the city of Anaheim.

The property, located at 901 E. South St. in the Anaheim Colony area of Anaheim, is currently improved with a 356,187-square-foot distribution warehouse and office space. The corporate seller has been retained as a tenant and will lease the property for the next 15 months. The property is within walking distance of the Anaheim Packing District, the area’s popular, artisan-based multi-eatery dining establishment. MLK Real Estate Capital has arranged $26.5 million in bridge financing for the acquisition.