Work Starts on Three SoCal Apartments
- May 15, 2013
Costa Mesa, Calif.—Mill Creek Residential has broken ground on three multifamily communities in southern California, which will total 713 units when completed over the next two years. The three properties are in Glendale, Laguna Niguel and Irvine.
In Glendale, Mill Creek is building Nexus on Central, which is the first property to be funded via the company’s new $400 million fund to develop apartments in infill sites nationwide. The property will offer studios and one-, two- and three-bedroom apartments and penthouses in a six-story mid-rise with subterranean parking. Nexus’ first apartments are expected to deliver in the first quarter of 2015.
In Laguna Niguel, Crown Valley comprises 284 condo-like units, and according to Mill Creek, the property represents the first new apartment development in southern Orange County since before the recession. It will also offer a mix of studios and one-, two- and three-bedroom apartments and penthouses, and will be completed in 2015.
In Irvine, the Kelvin Apartments will comprise 194 apartments in the Irvine Business Complex, which is a 2,800-acre business park totaling more than 15 million square feet of office space, 25 million square feet of R&D/industrial space, and nearly 1.5 million square feet of retail space. Kelvin will include one- and two-bedroom apartments and penthouses in a five-story structure. Apartments are expected to deliver in 2014.
According to the developer, all of the properties are in supply-constrained markets at a time in which demand for apartments continues to be strong. Mill Creek, which owns 29 properties completed (or under way) totaling about 10,000 units, says it’s also looking for more sites for future development in southern California.