Waterford Property files for 644-unit rental complex

Waterford Property Company wants to develop a 644-unit apartment complex in Santa Ana, in what would be the recently-formed firm’s largest project to date.

The Newport Beach-based company filed plans to build two five-story properties on a vacant eight-acre parcel at 1801 E. Fourth Street, according to Urbanize. Waterford is calling the project Central Pointe and pegged its cost at $225 million.

The two buildings would be separated by a central walkway with green space. Each would have its own set of amenities, including roof decks with swimming pools. The complex would have 15,000 square feet of ground-floor retail space on street-facing sides of the two buildings, Urbanize reported.

The development site is directly off an on-ramp to Interstate 5 and near its interchange with California Highway 55. Interstate 5 runs through Anaheim to the north and Irvine to the south.

Waterford describes the project as geared toward millennials renters who want to be near amenities and transit and close to major employment nodes in Orange County.

Central Pointe appears to be Waterford’s second ground-up residential project since the company was formed last March by John Drachman and Sean Rawson, the founders of Stillwater Investment Group and Waterford Group, respectively.

The firm also invests in existing properties and earlier this year picked up a West Covina office complex for $41 million. [Urbanize] ­— Dennis Lynch