EJF Capital and Toll Brothers, through its Toll Brothers Apartment Living (TBAL) division, have formed a joint venture (JV) to develop Rafferty project, a two-building, 218-unit multifamily scheme in Santa Ana of Orange County, California.
The scheme is located in an area certified as Qualified Opportunity Zone.
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Construction of the project is expected to begin this month, with work slated for completion in 2024.
The project, which is a JV between EJF OpZone Fund I and TBAL, has two land parcels, totaling around 1.44 acres.
It will be developed into two mixed-used buildings with 218 multifamily units and 12,350ft2 of ground floor retail.
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A part of the units will be dedicated as affordable housing.
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By GlobalDataEJF co-founder and co-chief executive Neal Wilson said: “We couldn’t be more pleased to be partnering with Toll Brothers on a project that has such compelling economic underpinnings.
“To date, the evolution of downtown Santa Ana has focused mainly on office and retail development, creating an opportunity to develop a Class A multifamily asset that will benefit from both a sizable employee presence and the emergence of downtown as a dynamic retail, restaurant, and entertainment hub. The expected growth of downtown Santa Ana makes the Rafferty a great location for a growing community.”
Toll Brothers Apartment Living president Charles Elliott said “Santa Ana is booming, and its ideal location, proximity to major transportation networks, and demographics point to a community that is in growth mode. We are excited for Rafferty to fill an important need for multifamily housing in this vibrant neighbourhood.”
Right from 2014 through 2020, Orange County has delivered an average of 3,361 units annually. The annual net absorption in the county has averaged 3,601 units, even outpacing deliveries.
Even with the addition of over 23,600 new multifamily units since 2014, occupancy rates in the county have grown from 95.2% to 97.6% as of the second quarter 2021.
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A part of the units will be dedicated as affordable housing. Credit: Pexels from Pixabay
