Morgan Develops Orange County Apartments
- Feb 15, 2018
Apartment specialist Morgan has completed Pearl La Floresta, a 204-unit apartment community in Brea, Calif. The five-story property is the first in Orange County to carry the Pearl brand, and is a joint venture between Houston-based Morgan and Chicago-based Mesirow Financial.
Located within the 1,100-home master-planned community of La Floresta, the new property is adjacent to the also-new Village at La Floresta, which includes 87,000 square feet of retail. The shopping center features such tenants as a Whole Foods Market and a number of restaurants.
Pearl La Floresta offers one-, two- and three-bedroom units, as well as a few live-work units. Common amenities include a fitness center with a separate workout room offering Fitness on Demand, a rooftop sky lounge, a 24-hour cyber café, a resort-style swimming pool, barbecue grills, dog wash stations and 24/7 package lockers.
Orange County Apartment Market Robust, Rents High
Orange County has a robust apartment market, fueled by population and job growth. According to Yardi Matrix, there are currently 32 apartment properties under construction countywide, representing 8,032 new units.
Even though rents are relatively high in OC, absorption is fairly brisk. CBRE reported that 3,636 units were absorbed for the year ending Q3 2017, up by 4 percent from the year ending in Q3 2016, and up by 36.8 percent over the 10-year average
The county’s average monthly effective rent of $1,843 increased 3.2 percent in Q3 2017 compared with a year and has increased for 28 consecutive quarters, CBRE noted. Pearl La Floresta rents more above average prices, with one bedroom starting at $2,060 and the top three-bedroom units fetching nearly $4,000 a month.