Fully Entitled Affordable Housing Conversion Opportunity In Buena Park
Acquire a fully entitled 104-unit adaptive reuse development in the heart of Orange County. Horizon Studios presents a rare opportunity to acquire a shovel-ready affordable housing conversion with CUP approval, approved plans, permits ready to pull, and construction already underway, significantly reducing development risk and accelerating delivery. Formerly operating as a 101-room motel, the property is being converted into 104 income-restricted studio apartments under Buena Park's Hotel/Motel Conversion and Housing Incentive Overlay programmes. Demolition has been completed, rough plumbing for kitchenettes has been installed throughout the property, and the remaining scope consists primarily of vertical construction and interior finishes. The project has been approved for 104 units, including 62 deed-restricted affordable units, with eligibility for Section 8, HUD-VASH and other tenant-based rental assistance programmes. A signed Memorandum of Understanding with Homeless Veterans of America creates opportunities to pursue additional veteran housing grants and operating subsidies, while LIHTC eligibility provides further potential funding opportunities for qualified buyers. This represents an exceptional opportunity for affordable housing developers, nonprofit organisations and institutional investors seeking a fully entitled project in one of Southern California's most supply-constrained housing markets. Full due diligence information is available upon execution of a confidentiality agreement.
Location
Located in Buena Park, California, Horizon Studios benefits from a strategic position in the heart of North Orange County, one of Southern California's most supply-constrained housing markets. The city offers strong long-term demand for affordable and workforce housing, supported by a large regional employment base, excellent transport connectivity and continued population growth. The property is ideally positioned to serve residents employed throughout Orange County and the greater Los Angeles metropolitan area. Major employment sectors include tourism, hospitality, logistics, healthcare, retail, manufacturing and professional services, creating consistent demand for quality affordable accommodation. Buena Park is home to some of Southern California's most visited attractions, including Knott's Berry Farm, and is located just minutes from Disneyland Resort, generating thousands of local jobs and supporting a substantial workforce housing requirement. The area also benefits from established commercial and industrial corridors, providing additional employment opportunities for residents. The project is particularly well positioned to benefit from ongoing demand for affordable and veteran housing through Housing Choice Voucher (Section 8), HUD-VASH and other rental assistance programmes. Combined with Orange County's chronic shortage of affordable housing and limited new supply, these factors support strong long-term occupancy and stable rental demand.
Real Estate
Real Property Included
Planning Consent
Conditional Use Permit (CUP) approved under Resolution No. 6398. Final Focused Environmental Impact Report completed. Approved architectural and engineering plans with building permits ready to pull.
Premises Details
The property comprises two residential buildings with an additional amenity building situated on a 1.7-acre site. Planned amenities include a community room, fitness room, courtyard with BBQ area, pickleball court, swimming pool, mail room and on-site manager's unit. Parking is provided for 78 vehicles.
Support & Training
Experienced architect, general contractor and housing consultant team already assembled. Trillium Property Management identified for future lease-up and operations.
Expansion Potential
Complete remaining construction works. Secure LIHTC equity financing. Pursue HUD-VASH, VA GPD and veteran housing grants. Benefit from long-term affordable housing demand. Stable occupancy supported by housing voucher programmes. Professionally managed affordable housing operation.
Size In Square Feet
74,052 sq ft
Competition / Market
Orange County continues to experience a severe shortage of affordable housing, while new development opportunities remain limited by land availability, entitlement challenges and rising construction costs. The project's completed entitlements provide a significant competitive advantage.
Financials
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