Alliance Residential Opens Orange County Community
Capital One provided nearly $70 million for the project's construction.
Alliance Residential has opened Broadstone Edition, a 264-unit multifamily community in Irvine, Calif. The developer benefitted from $69.6 million in construction financing originated by Capital One, according to Yardi Matrix.
KTGY provided architectural services, while Hendy served as interior designer. The development team also included Fuscoe Engineering alongside MJM Landscape Architecture. The project adheres to the Fitwel Healthy Building certification standards.
The five-story property encompasses studio and one- to three-bedroom floorplans ranging from 606 to 1,285 square feet. Apartments feature patios or balconies and quartz countertops, as well as walk-in closets, with wine fridges and soaking tubs in select units. Community amenities include an art gallery, a swimming pool, a gym, a lounge, a coworking space, EV charging stations, a courtyard and a roof deck, as well as a six-story parking structure. A total of 36 units are affordable.
A fiery multifamily market
Located at 1100 Steely, the community is less than 3 miles north of Interstate 405, some 5 miles southwest of Interstate 5, as well as roughly 4 miles northeast of John Wayne Airport. Employers such as the University of California, Irvine, AbbVie or B Braun Medical are all within 5 miles of the property. Broadstone Edition is also just under 15 miles from Chateau de Ville, a 254-unit asset that changed hands last month for $79 million, in a transaction brokered by Marcus & Millichap.
Alliance Residential’s Orange County footprint is north of 1,400 units, with 300 more in the planning and permitting stages, according to Yardi Matrix data. More than 7,200 units were under construction in the region as of March, with some 3,500 units coming online last year, the same data source reveals.
