A new joint venture funded by Mill Creek Residential Trust LLC is poised to begin development on a Los Angeles-area residential project. MCREF Verdugo LLC recently completed the off-market acquisition of a 67,518-square-foot land parcel in Glendale, and it will proceed to use it as the site of a brand-new, 245-unit apartment community.
Located at 610, N, Central Avenue, the site will be the home of a new six-story, mid-rise, high-end apartment structure, one of the first properties of its kind for the developer. Resident amenities will include an underground parking facility, a resort-style pool and spa, an around-the-clock fitness center and yoga facility, and a resident clubroom featuring a kitchen and business center, as well as two rooftop decks offering views of the nearby Verdugo Mountains.
The construction is also groundbreaking in the sense that the funding will come through a newly established $400 million equity fund. Mill Creek Residential created the fund in order to aid its focus on the development of upper tier apartment communities in the real estate markets of Southern California.
According to the Managing Director of Mill Creek Residential for Southern California, Michael Genthe, “(the company’s) business model is to develop luxury rental communities on in-fill locations in desirable, well established cities like Glendale with above average population growth, strong employment characteristics, strong rental fundamentals and consistent and sizable institutional investment demand.” The representative also mentioned the fact that the construction deadline for the community is set for some time during 2015.
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