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Argosy Real Estate Partners Exits South Street Anaheim in California
Argosy Real Estate Partners IV, L.P. and its parallel funds (together “AREP IV”) exited their remaining interest in South Street Anaheim, located at 901 E South Street in Anaheim, California.
In January 2017, in partnership with Shopoff Realty Investments, AREP IV acquired a 20.5-acre infill site in Anaheim, CA, that was improved with a 1956-vintage, 356,000-square foot industrial property. The partnership successfully repositioned the site, divided it into two separate parcels and obtained approvals for residential use within a condensed time frame: the first parcel was approved for 233 single family lots, including 161 attached three-story townhomes and 72 detached two-to-three-story homes; and the second for a 314-unit, four-story multifamily apartment building with an adjacent parking garage.
The first parcel was sold in July 2018 to a large public home builder. As part of the sale, the public home builder was obligated to demolish the existing building, grade the entire site, and deliver the second parcel to the partnership following expiration of the existing tenant’s lease in January 2019. After the tenant vacated the premises, the required demolition and grading of the site was completed. The second parcel, approved for 314 multifamily units, was sold in July 2019 to a well-known national multifamily developer.