Top 5 Multifamily Projects Under Construction in Orange County
- Oct 23, 2020
Despite a marked slowdown at the national level for multifamily construction, projects in Orange County continue to push forward. This year, developers broke ground on 1,810 units, accounting for nearly one-third of the market’s 5,872 units underway, according to Yardi Matrix. Developers have been most active in the Santa Ana submarket, where seven projects totaling 1,517 units were under construction in October.
Orange County, long considered one of the country’s most expensive rental markets, has made strides toward adding affordable housing in recent years. Ongoing economic uncertainty has not curtailed this: 10 of the 25 projects underway are fully affordable, and four others contain at least an affordable component. Here are the five largest multifamily developments underway in Orange County, based on Yardi Matrix data.
5. Revo at Platinum Park
JPI and MORE Residential’s Rev at Platinum Park at 1800 E. Gene Autry Way in Anaheim is the largest residential development underway in Anaheim and the fifth largest within the county. The project’s 332 studio, one-, two- and three-bedroom units are slated to deliver at the end of the year.
The development broke ground just west of Angel Stadium in early 2019, backed by a $14.5 million loan from Hankey Investment Co. The six-story building will include a wide range of amenities, from an entertainment kitchen to two rooftop decks.
Fairfield Residential broke ground on the 358-unit Vita Apartments in November 2019, with delivery slated for mid-2021. The building will be one component of a larger, three-part development that includes an additional 295 apartments and 74 townhome units. Northwestern Mutual Life Insurance Co. is financing the project with a $175.3 million construction loan.
Located at 850 W. Town and Country Road in Orange County, the apartments will wrap around a seven-story structure with nearly 650 parking spaces. The community’s facilities will include a 9,038-square-foot amenity deck with outdoor seating, a fireplace and a bar area above the parking component. The 4.8-acre development site is half-mile east of the 1.1 million-square-foot MainPlace Mall in Santa Ana.
3. Garden Brook Senior Village
One of two projects involving both The Pacific Cos. and AMG, the 395-unit Garden Brook Senior Village is a fully affordable, age-restricted development in Garden Grove. Prior to the current owners stepping in, the site was home to a partially built structure intended for luxury condominiums. The project was abandoned in 2009.
The project, at 10080 Garden Grove Blvd. is drawing its financing from $75 million in housing revenue bonds issued by the state. The eight-story building will have a wide range of amenities, including a library room, a fitness center, three courtyards and 11,041 square feet of street-level retail space.
2. Metro East Senior Park
Owned by a joint venture between AMG, The Pacific Cos. and Jamboree Housing, Metro East Senior Park is Orange County’s second-largest multifamily development underway. Preleasing began in April for the community’s 419 affordable units, which are slated for delivery before the end of the year. Apartments will be restricted to residents age 62 and older.
The affordable senior housing development has landed its share of financing vehicles: Citibank is providing $85 million in construction funding, with the state supplying an additional $60 million through multifamily revenue bonds. The property, located at 2222 E. First St., will include a mix of studios and one- and two-bedroom units.
1. Broadstone Atlas
Orange County’s largest multifamily project underway is the 483-unit Broadstone Atlas, backed by $108.7 million in financing from Wells Fargo. The owner, a partnership between Alliance Residential and PGIM Real Estate, broke ground on the development at 2001 E. Dyer Road in Santa Ana in September this year.
Around the same time, Alliance and PGIM finished work at Broadstone Arden and Broadstone Archive, two communities within the larger Park & Paseo project. The 18-acre, mixed-use development will include a total of 1,221 multifamily units and 74,000 square feet of retail space approximately 1 mile from the Irvine Business Complex, home to nearly 14 million square feet of office space.
Yardi Matrix covers all multifamily properties of 50+ units in size across 133 markets in the United States. This ranking reflects developments underway within that sample group.