Safehold Inc., the creator and leader of the modern ground lease industry, has closed on a ground lease to facilitate the ground-up development of The Orion, a 166-unit senior affordable community in Orange, California. The project will be developed by USA Properties Fund, an experienced developer of multifamily projects throughout California.
“We are very excited to establish a relationship with the USAP team, and look forward to a successful project,” said Safehold’s EVP, Head of Investments Steve Wylder. “Safehold’s platform provides long-term, highly accretive capital, and we are thrilled to play a role in creating much-needed affordable housing with this high-quality development.”
The Orion is a senior affordable development that responds to the need for senior housing in the city of Orange. Providing 166 affordable apartments, the infill project consists of three new buildings ranging between 3-4 stories with surface parking and elevator accessibility. On the uniquely shaped, “H” site will remain two existing residential buildings for seniors and persons with disabilities, while now integrating a new phase of apartments to replace what was once a rehabilitation facility.
Safehold Inc. (NYSE: SAFE) is revolutionizing real estate ownership by providing a new and better way for owners to unlock the value of the land beneath their buildings. Having created the modern ground lease industry in 2017, Safehold continues to help owners of high quality multifamily, office, industrial, hospitality, student housing, life science and mixed-use properties generate higher returns with less risk. The Company, which is taxed as a real estate investment trust (REIT), seeks to deliver safe, growing income and long-term capital appreciation to its shareholders.
