By Dees Stribling, Contributing Editor
Montclair, Calif.—GLJ Partners has obtained $26 million in joint venture equity from the Canyon-Johnson Urban Fund for the acquisition of a roughly 15-acre development site in Montclair, Calif., in San Bernardino County. GLJ will use the site to develop an 18-building, 385-unit multifamily property, called the Paseos.
The property will be among the first built as a component of the North Montclair Downtown Specific Plan, a mixed-use transit-oriented downtown district between the Montclair Transcenter and the Montclair Plaza regional shopping center. Montclair Transcenter, which includes connections for regional bus and Metrolink rail service, and the 1.2 million-square-foot, Nordstrom-anchored Montclair Plaza are both one block from the property.
According to GLJ, the TOD location will help spur consistent renter demand, as will a large nearby student population. The property’s amenities will include two outdoor swimming pools, a clubhouse and public park, and outdoor barbeques and fireplaces will be located throughout the property. Its location near a transit center is also a sustainable component of the property, which is going for LEED silver for the leasing center and amenity building.
Commercial real estate investment banking firm George Smith Partners (GSP) arranged the financing for the deal. GSP vice president Malcolm Davies notes that the land was acquired through a competitive bid process, making for a tight window in which to secure the equity partner.
GLJ Partners is a residential development and construction company based in Carlsbad, Calif., specializing in residential and mixed-use projects in infill locations in southern California. GSP is a national real estate investment banking firm, and Canyon-Johnson is a private real estate opportunity fund formed by a series of joint ventures between Canyon Capital Realty Advisors and Earvin “Magic” Johnson, with nearly $2 billion in committed capital.