The Bowery is a four-phased, master planned multifamily development in Santa Ana, CA. The existing property consists ofa vacant 635,000sg.ft. office campus and the 14.6 acre site is situated at the corner of Red Hil and Warner and adjacent to the 1,600 acre Tustin Legacyplanned community. The luxury mixed-used project was designed by Architects Orange and will include 1,040 units and 80,000 sq.ft. otive-work, retail, and restaurant space within four 5- and 6- story buildings of Type-ll wrap construction. The property was acquired inJune 2018 and required discretionary entitlements and ful CEOA studies. The property is under contract with an institutional buyer andwill close following City Council approval that is anticipated to occur by the end of Summer 2020, The acquisition and entitlement budgetwas $52.9M and the project-level returns are forecast at a 4.7x MOIC and $49.9M gross profit over approximately 2 years.