LOS ANGELES-A private real estate development and investment company based on the Westside has paid $11.7 million for a 200-unit seniors housing development in Santa Ana.
The building stands at 401 W. 1st St. The buyer is Thomas Safran & Associates and the seller is Torrance-based Mitsui Real Estate Sales, a US arm of the Tokyo-based banking and real estate giant. The South Bay office of Grubb & Ellis represented both parties.
Most of the elderly tenants in the building receive monthly rent subsidies from the US Department of Housing and Urban Development. The buyer intends to continue participating in the Federal program even as many other property owners let their HUD contracts expire so they can rent the units out for more money, says Grubb & Ellis broker Bruce Furniss.