Rupp: This is an exciting opportunity to redevelop an aging industrial facility into quality market-rate residential use with both for-sale homes and apartments. 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.

GlobeSt.com: What does your company find so appealing about the Anaheim market?

Rupp: The City of Anaheim is a great place to do business with and has an ideal location in the heart of Orange County with close proximity to jobs, entertainment and regional transportation. We have had great success on previous projects in the city and are looking forward to creating a new neighborhood in Anaheim.

GlobeSt.com: How do you see this market changing?

Rupp: The needs of home buyers and renters are changing as housing prices continue to escalate in Orange County. Our project will include a mix of detached and attached for-sale homes, along with a modern and highly amenitized apartment building that will fit the lifestyles of a variety of people.

GlobeSt.com: What else should our readers know about this planned redevelopment?

Rupp: Being close to the Packing House, public transit and Downtown Anaheim provides opportunities for a quality development and provides much-needed housing stock in a desirable location.

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.

We spoke with Rupp about the acquisition, the appeal of the Anaheim market and plans for redevelopment of this property.

GlobeSt.com: What stands out for you the most about this acquisition?

Rupp: This is an exciting opportunity to redevelop an aging industrial facility into quality market-rate residential use with both for-sale homes and apartments. 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.

GlobeSt.com: What does your company find so appealing about the Anaheim market?

Rupp: The City of Anaheim is a great place to do business with and has an ideal location in the heart of Orange County with close proximity to jobs, entertainment and regional transportation. We have had great success on previous projects in the city and are looking forward to creating a new neighborhood in Anaheim.

GlobeSt.com: How do you see this market changing?

Rupp: The needs of home buyers and renters are changing as housing prices continue to escalate in Orange County. Our project will include a mix of detached and attached for-sale homes, along with a modern and highly amenitized apartment building that will fit the lifestyles of a variety of people.

GlobeSt.com: What else should our readers know about this planned redevelopment?

Rupp: Being close to the Packing House, public transit and Downtown Anaheim provides opportunities for a quality development and provides much-needed housing stock in a desirable location.