EJF Capital and Toll Brothers, through its Toll Brothers Apartment Living (TBAL) have formed a joint venture to develop the Rafferty, a two-building, 218-unit multifamily community in the Santa Ana neighborhood of Orange County, Calif.
The development is located in an area certified as a qualified opportunity zone.
The project, expected to break ground in November, is a joint venture between EJF OpZone Fund I LP and TBAL. The project’s two land parcels, totaling about 1.44 acres, will be developed into two mixed-used buildings with 218 multifamily units and 12,350 square feet of ground floor retail. A portion of the units are dedicated affordable housing at 50 percent of Area Median Income. Construction is scheduled for completion in 2024.
“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
