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ANAHEIM, CA-GlobeSt.com has learned exclusively that the Wolff Co., a multifamily development firm based in Scottsdale, AZ, has purchased a 9-acre parcel of land within the master-planned Platinum Triangle area here for $24.2 million from investment partnership KL Anaheim. The firm plans to build 399 apartment units on the site, which is located along the 900 block of Katella Ave. near I-5 and the 57 and 22 freeways.
The planned development is part of Anaheim's ongoing efforts to create a high-density, mixed-use urban center near Angel Stadium. In order to build the apartment complex, an aging 175,000-square-foot industrial building currently located on the site will be razed.
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Colliers International's SVP Stephen L. Schloemer represented the seller in the transaction, while CBRE represented the buyer. The Shopoff Group, a real estate investment firm based in Irvine, obtained development approvals for the property, and the Anaheim City Council unanimously approved the plans for redeveloping the site into an apartment complex with 399 units and a public park.
“In addition to its central location for commuters, the site is also attractive to residents due to its proximity to all the major entertainment and sports venues that are located in or near the Platinum Triangle, including Arrowhead Pond, Angel Stadium and all the Disney attractions,” said Schloemer in a prepared statement. “This area is designed to be a vibrant, 24/7, live-and-work environment that is central to all of Orange County. This is another positive sign that the demand for well-located apartments continues to grow and that the economy is continuing to rebound.”
He added that upon final build out, the city's general plan calls for the Platinum Triangle to comprise a total of approximately 9,000 housing units, 5 million square feet of office space and 2 million square feet of commercial space.
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Carrie Rossenfeld
Carrie Rossenfeld is a reporter for the San Diego and Orange County markets on GlobeSt.com and a contributor to Real Estate Forum. She was a trade-magazine and newsletter editor in New York City before moving to Southern California to become a freelance writer and editor for magazines, books and websites. Rossenfeld has written extensively on topics including commercial real estate, running a medical practice, intellectual-property licensing and giftware. She has edited books about profiting from real estate and has ghostwritten a book about starting a home-based business.
