Construction is underway on two affordable housing communities, one in Yorba Linda for seniors and the other in Corona for homeless families.
Both communities, which were developed by Tustin-based C&C Development in a collaboration with Orange Housing Development Corp., are expected to be completed in either late 2027 or early 2028.
Altrudy II, the second construction phase at Altrudy Lane Seniors in Yorba Linda, will feature 64 apartments for seniors age 62 and older. Phase 1 included 48 apartments, also for seniors and also done in partnership OHDC and the city.
Both Altrudy communities are within a 10-minute walking distance from restaurants and shopping at the Yorba Linda Town Center.
The Phase II apartments underway at 18611 Altrudy Lane will include 50 one-bedroom and 14 two-bedroom units ranging from 671 to 1,031 square feet. At least 20% of the units will be given first to households that include one or more military veterans, with subsequent rentals going to Yorba Linda residents or those who work in the city.
Amenities will include a community room with kitchen, community laundry, an outdoor barbecue pavilion and dog park.
Corona 2nd Street will feature 115 units for homeless families with an eye toward veterans.
The complex at the corner of Buena Vista and Second Street will include 115 affordable apartments: six studios, 18 one-bedroom, 46 two-bedroom, and 45 three-bedroom units in four buildings.
The Corona units will be reserved for 20 families that are either homeless or at risk of homelessness. Amenities will include a play yard for children, barbecue pavilion, pool and a community room with kitchen.
The 2nd Street community in Corona is C&C’s third project in the city, which also includes Citrus Circle Apartments, a 61-unit property with one, two, and three-bedroom units for residents who earn 30% to 60% of area median income, and Meridian Apartments, an 85-unit complex for families earning 50% to 60% of AMI.
Raising Cane’s property sells for $12.2 million
Newport Beach-based Costanzo Investments sold a trifecta of fast-food properties in Corona for a combined $12.23 million.
CBRE said the tenant properties at Parkridge Plaza include Raising Cane’s at 840 North Main St., Habit Burger & Grill and Roll-Em-Up Taquitos at 860 and 870 North Main St.
All the tenants have long-term leases in place, the brokerage said.
Costanzo Investments was represented by CBRE. The buyers were not identified, but CBRE said they were all 1031 exchange investors. The Raising Cane’s buyer was represented by Surmount, a New York-based brokerage.
Circle Vision buys Indian Wells complex for $10.5 million
Orange County-based Circle Vision paid $10.5 million in a 1031 exchange for Indian Wells Medical & Professional Center at 74785 Highway 111 in Indian Wells, according to Progressive Real Estate Partners.
Built in 1996, the two-story, 40,750 square-foot center is home to Charles Schwab, RadNet, Mercer Financial and SBEMP Law.
“The buyer was attracted to the property’s irreplaceable location and its institutional quality tenant mix of national healthcare and financial brands,” said Heather Sharp, a senior vice president with Progressive. “In a market where new development is nearly impossible, assets like this are extraordinarily rare and that scarcity continues to drive investor demand.”
The seller, the Miami-based investment company Kresher Capital, was represented by Progressive. Circle Vision, which handled its own representation, owns office and industrial properties in Orange County and Scottsdale, in addition to agricultural properties across California.
Related California CEO stepping down
Related California, the real estate company behind the mixed-use development Related Bristol in Santa Ana, is promoting two executives to leadership roles as Bill Witte, company co-founder and Chief Executive, prepares to shift to chairman emeritus.
Effective Jan. 1, Gino Canori will be the firm’s next president and CEO, focusing on Related’s market-rate division. Ann Silverberg will be president and CEO of its affordable division.
Witte founded Related California with Stephen Ross in 1989. The firm’s portfolio today includes more than 21,000 residential units completed or under construction.
Related Bristol, approved in late 2024, will transform a two-block parcel in Santa Ana, adding up to 3,750 residential units, a 250-room hotel, a 200-unit tower for seniors, and up to 350,000 square feet of restaurants and shops, as well as a grocery store and 13 acres of park space.
On the move
Pat Ryan, a 13-year Orange County commercial real estate veteran, is a new senior vice president at JLL. The brokerage said he will specialize in “local and multimarket corporate real estate transaction strategy.” Most recently, Ryan was a senior director at Cushman & Wakefield.
Correction
Greenlaw Partners is a real estate development and operating firm. Because of an editor’s error, the firm’s description was incorrect in the Nov. 9 edition of the Real Estate roundup.
The real estate roundup is compiled from news releases and written by Business Editor Samantha Gowen. Submit items and high-resolution photos via email to sgowen@scng.com . Please allow at least a week for publication. All items are subject to editing for clarity and length.