Mill Creek Residential Trust to Develop 235 Units in Glendale
- Feb 05, 2013
Glendale, Calif.—MCREF Verdugo LLC, a joint venture sponsored by Mill Creek Residential Trust LLC, has purchased a 67,518-square-foot land parcel in Glendale, Calif. to develop 235 apartment units.
Lee & Associates represented both the buyer and seller in the off-market transaction.
“This location is the ‘Gateway’ to Glendale off the 134 Freeway Central Avenue/Brand Boulevard exit,” Michael Genthe, Mill Creek Residential Trust’s managing director for Southern California, tells MHN. “The original building design in 2006 was to develop a 287-unit, 22-story for-sale condominium, which became economically infeasible during the last recession. A new lower density six-story design for rental housing was approved in November 2011.”
Located at 610 N. Central Ave., the development will consist of one building with five levels of residential flats and features fifth-floor penthouse units that include second-story mezzanines. The residences will be constructed on top of a two-level concrete parking garage. The lower level of the parking garage will be subterranean with an upper garage level at grade.
“The development includes a large resort-like pool/spa/cabana/barbeque area courtyard and two smaller attached intimate courtyards,” Genthe says. “A dramatic two-story lobby, clubhouse/leasing lobby, leasing center, fitness center, yoga room, multipurpose clubhouse with a gourmet kitchen area and Internet café are also included. Two penthouse floor observation decks have been added for residents to enjoy great mountain and city views.”
The block-long parcel is close to the Disney campus, the Americana at Brand and the Glendale Galleria.
“This largely commercial office building corridor surrounding the subject property influenced a more contemporary architectural style for the building,” Genthe says. “We view Glendale as a core located city, which has recently achieved significant annual new job growth. This growth supports new household formation and corresponding rental demand. We also view Glendale as a fully mature city, which provide to its residences and visitors a high standard of living.”
This development will be one of the first for Mill Creek Residential in Southern California since being spun off from Trammel Crow Residential in 2010. The local team, however, previously developed four properties in Southern California as part of TCR, two in Pasadena and now one previously in Glendale.
“Mill Creek Residential believes in ‘placemaking’; we strive to acquire and to develop distinctive apartment communities that serve to enhance the local marketplace,” Genthe says. “Our placemaking practices rely upon a deep understanding of local markets, trends and innovations resulting in communities that create lasting value for our residents. Our development and construction teams are local; we live and work in the markets in which we invest and build. At Mill Creek Residential, we take great pride in providing enduring living experiences in our own backyards.”
Construction is slated to begin in April 2013, and the first units are expected to be delivered in the first quarter of 2015.