Shea Properties Wraps Up Orange County Mixed-Use
The property brings 251 multifamily units to the tight market.
Shea Properties has completed The Square Cypress, a mixed-use development on more than 13.3 acres in Cypress, Calif., which is in suburban Orange County. The project includes 251 units in a multifamily component called Acadia Apartments, which is a Shea brand.
Acadia Apartments in Cypress, which is on Katella Avenue between Siboney Street and Winners Circle, includes one-, two-, and three-bedroom floor plans with wood-style flooring, open-concept kitchens and living rooms and smart home features. Some units sport center kitchen islands with bar seating. One-bedroom units measuring about 742 square feet start at $2,970, while two-bedroom units at 1,083 square feet start at $3,850.
Amenities include an indoor-outdoor social hub with a TV viewing lounge, café with fully equipped kitchen, and outdoor hangout spot with chairs and dining tables. The property also features a game room with TV viewing, Foosball, shuffleboard and bar tables.
Other common amenities include a cabana lounge with sectional and bar seating, as well as a fireplace, fully equipped kitchen and billiards. There is a fitness center with strength, conditioning and cardio equipment, and a pet spa and play area.
The 31,150-square-foot retail component of the property includes among its tenants such specialty retail as Trader Joe’s, BLK Dot Coffee, restaurant El Zarape, The Kebab Shop and Yoga Six. The hospitality component is a five-story Homewood Suites by Hilton, which is adjacent to an 842-seat cinema.
Architecture firm AO designed the entirety of the mixed-used property, while Design Cell Architecture served as a hotel architect and Snyder Langston as the overall general contractor.
The diversified Shea Properties, based in Aliso Viejo, California, owns, develops, leases and manages business parks, shopping centers, apartment communities and mixed-use properties. The company currently owns and operates about 11,000 apartment units and 6 million square feet of office, industrial and retail space in California, Colorado, and Washington state.
Orange County Multifamily Still Tight
Orange County is a tight market, with a multifamily vacancy rate of 3.9 percent as of the second quarter of 2024, according to CBRE. That rate is unchanged quarter-over-quarter.
READ ALSO: Orange County Multifamily Report – April 2024
758 total units absorbed in were absorbed in the second quarter of 2024, CBRE reported. That is a spike from 263 units in the first quarter, illustrating the continued demand for apartments in this part of southern California. Orange County’s population hasn’t grown as fast as the overall national population (4.5 percent vs. 7.7 percent) between 2010 and 2022, but it has grown.
Some 879 multifamily units were delivered in Orange County in Q2 2024, compared to 611 units in Q1 2024, CBRE notes. Multifamily rents in Orange County in the second quarter averaged $2,802, or about the same as in Q1.
