Trammell Crow Residential Nabs Arcadia Development Site

CBRE has arranged the sale of a 2.9-acre development site encompassing several parcels of land in Arcadia. Dean Zander and Stewart Weston of CBRE and John Montakab of Walker & Dunlop facilitated the sale on behalf of the buyer, a joint venture between Trammell Crow Residential (TCR) and Arcadia-based Positive Investments. Deal terms were not disclosed.

The land is adjacent to the Arcadia Gold Line light-rail station and situated between Santa Anita Avenue, Santa Clara Street and Wheeler Avenue. Existing improvements include parking lots, an eight-story office building and a single-story bank building. TCR plans a 319-unit multifamily development under its Alexan brand on the 2.2 acres of land adjacent to the existing structures.

“The strong demand for housing and steady rent growth in the market make this land purchase a highly valuable investment for the new owners,” said Zander. “With the approved construction plans for multifamily housing, Trammell Crow Residential will be able to take advantage of excellent market fundamentals.”