Top 10 Multifamily Completions in Orange County
- Aug 24, 2018
While Orange County is recognized for its strong economy—with unemployment having reached its lowest point of the cycle this spring—it is also well known for its skyrocketing prices for single-family homes. As they remain almost unattainable for middle-class working families, demographic increases have been putting pressure on the multifamily sector. Last year marked a new cycle peak for inventory expansion, with more than 5,400 apartments being added to stock, followed by another 2,400 deliveries expected by the end of 2018.
Despite forecasts of moderate rent growth, especially in the high-end range of properties, developers continue to focus on expensive submarkets such as Anaheim Central, West Irvine and Santa Ana. Efforts are being made, however, to expand affordable housing stock as well, an example being the Anton Portola community, a 256-unit fully affordable property targeting residents earning less than half the area median income.
Only five months after its April opening, Baker Block is more than 50 percent leased. The 240-unit luxury community is located at 125 Baker St. E. in Costa Mesa and offers one-, two- and three-bedroom apartments. Average monthly rent was $2,600 in July. Red Oak Investments and CityView broke ground on the property in 2015 having secured a $54.7 million loan from Bank of America. The two companies spared no effort in adding amenities to the property, which include a rooftop deck, fitness center with yoga room, conference room, a Wi-Fi lounge, electric charging stations, dog park, club room with kitchen and a resort-style pool with grills and fire pits. The development also features a mural by artist and OBEY Clothing Founder Shepard Fairey.
Anton Portola is one of the recent additions to Orange County’s limited inventory of affordable housing. The project had Irvine Co., Anton Development Co. and Pacific Housing spearheading the construction efforts which commenced in spring 2016. Irvine provided 10 acres of land while Anton Development delivered the actual building Located at 100 Fountainhead in north Irvine, this 256-unit property offers high-end features and amenities to residents earning less than half the area’s median income: a resort-style pool, clubhouse, fitness center, spa and three parks.
The luxurious 335-unit community is located at 951 S. Beach Blvd. in La Habra, Calif., west of the Santa Ana mountains. It offers a mix of one-, two- and three-bedroom apartments ranging from 750 to 1,270 square feet which were almost 80 percent occupied in April. High-end amenities include a pool and spa on a resort-style sundeck with grilling areas, playgrounds for children and pets, a conference room, cyber lounge with computer stations and printer and top-of-the line fitness center. To break ground on the property, Fairfield Residential took out a $68.3 million loan from Northwestern Mutual Life Insurance Co.
Lyon Capital Ventures completed The George at the beginning of 2018, after almost two years of construction work. The 340-unit community is located at 2211 E. Orangewood Ave. in Anaheim and cost developers more than $70 million, which has been covered via a $388 million loan which Lyon Living secured in spring 2017. The one-, two- and three-bedroom apartments range between 600 and 1,450 square feet and can be rented at an average rate of $2,540. Residents have access to a fitness center, business center and clubhouse, as well as a swimming pool and spa on the rooftop. Occupancy rate was 73 percent in July.
Broadstone Cavora is a 348-unit multifamily property located at 26033 Cape Drive in Laguna Niguel, Calif. An Alliance Residential Co. development, the Class A community offers both luxury and affordable units and is proposed for LEED certification to the Silver level. Broadstone encompasses studio, one-, two- and three-bedroom apartments and a number of penthouses as well as 6,000 square feet of retail space. The community is within walking distance from two bus stations and can be reached via Crown Valley Parkway and the Interstate 5. The rooftop resembles an entertainment plaza while at the ground level there are salt water pools, poolside cabanas and a Neapolitan wood fire pizza oven. The community also features a club, fitness center, bicycle tune-up shop and dog wellness pavilion.
This is the second multifamily property that Fairfield Residential completed in Orange County during the last four quarters. Located at 1100 Synergy in Irvine, Rize offers 363 studio, one-, two- and three-bedroom units of which 44 are affordable. The property also features a $56.2 million loan that JP Morgan Chase originated in 2015. Nearby important locations include John Wayne Airport, University of California Irvine and Irvine Valley College.
The Wolff Co. has recently completed the 386-unit community, which is more than 50 percent leased within months of opening. Parallel, formerly known as Platinum Vista, is located at 1105 E. Katella Ave. in Anaheim. It includes 8,000 square feet of courtyards, 12,000 square feet of recreational area including a resort-style pool and resident clubhouse and a 25,000-square-foot top deck with grilling and fire pit areas, a bocce ball court, yoga lawn, fitness center, basketball court, dog daycare and washing facilities.
Jefferson Platinum Triangle
The four-building community is located at 1781 S. Campton Ave. in Anaheim, close to the Disneyland Park. It comprises 400 units and offers a rooftop terrace, fitness center, business center, clubhouse, two swimming pools, media room and two spas among amenities. In the fall of 2017, the property became subject to a $108.8 million loan from Square Mile Capital Management with which developer TDI Real Estate re-financed the initial construction loan of $67.1 million.
A Shea Properties project, Vantis is a 435-unit luxury community located at 90 Vantis Drive in Aliso Viejo. The property is close to Freeway 73 and adjacent to a new Homewood Suites by Hilton hotel, retail, office and for-sale residential center. The unit mix includes studio, one- and two-bedroom apartments ranging from 570 to 1,400 square feet rentable at an average $2,450. Individual units feature wood-style plank flooring, quartz countertops, stainless appliances and high-end finishes.
The largest property completed during the last four quarters is the 583-unit Westview. The Class A community is located at 21100 Spectrum in Irvine and is part of Irvine Co.’s portfolio. Its unit mix comprises one and two-bedroom apartments ranging from 700 to 1,300 square feet. Adjacent to the San Diego Creek Trail, Westview offers residents access to both outdoors activities and a number of amenities including saltwater pools, lounge areas, clubroom with demonstration kitchen, fitness center, collaborative workspaces and dog park. At the end of last year, Westview became subject to a $172.2 million Fannie Mae loan.
This list highlights the metro’s top 10 communities completed during the 12 months ending in August, based on unit counts, according to real estate data provider Yardi Matrix.
Images courtesy of Yardi Matrix