Developments Add 713 Luxury Apartments to Mill Creek’s Growing Southern California Portfolio
COSTA MESA, CA – May 13, 2013 – Mill Creek Residential, a national apartment developer, investor and operator, announced that it has broken ground on three multifamily communities in Southern California, totaling 713 luxury apartment homes in Glendale, Laguna Niguel and Irvine.
“There continues to be a growing demand for quality rental housing in Southern California, and we are pleased to deliver some of the newest rental options in highly desirable apartment markets,” said Michael Genthe, Managing Director. “Our focus on prime locations in supply-constrained markets provides our residents with easy access to key employers, shopping and entertainment districts. Our development expertise allows us to deliver an unparalleled features and amenities package designed to appeal to today’s savvy renter. We look forward to growing our presence in the Southern California market and are actively seeking more sites.”
DEVELOPMENT PROJECTS: OVERVIEW
Nexus on Central. The first community to be funded via a new $400 million fund Mill Creek established to develop luxury apartment construction on infill sites across the country, Nexus on Central offers 235 apartments at the gateway of the vibrant City Central neighborhood in Glendale, California. Glendale is the third largest city in Los Angeles County with a population of more than 207,000. In addition to being surrounded by some of Southern California’s leading commercial business districts including downtown Los Angeles, Pasadena and Burbank, Glendale has its own diverse base of employment with a daytime working population of 80,000. Major employers include Disney’s Grand Central Creative Campus, DreamWorks Animation Campus, Yellowpages.com, Nestle USA and IHOP/Applebee’s Headquarters.
The community will offer studio, 1-, 2- and 3-bedroom apartment homes and penthouses situated within a six story mid-rise with subterranean parking. Amenities include a hotel-inspired style pool and spa, 24-hour fitness and yoga studio, resident clubroom with kitchen and business center, and two rooftop decks featuring outdoor lounges and stunning views of the nearby Verdugo Mountains. Nexus’ first apartment homes are expected to deliver in the first quarter of 2015.
Crown Valley. Located in the City of Laguna Niguel, Crown Valley is the first new apartment development in South Orange County since 2005. Crown Valley comprises 284 condo-inspired apartment homes in this affluent coastal community. Residents will enjoy easy access to excellent shopping and restaurant venues at The Shops at Mission Viejo, a 1.1 million square foot mall, and benefit from close proximity to the 405 Freeway, Highway 73, San Joaquin Hills Toll Road and the Laguna Niguel rail station.
The community will offer studio, 1-, 2- and 3-bedroom apartment homes and penthouses. The design will focus on maximizing resident views to the east and north; amenities will include a resort-themed pool, spa, club room, Wi-Fi lounge and fitness studio, all activated by community social programs. First apartment homess are expected in 2015.
Kelvin Apartments. The Kelvin Apartments comprise 194 apartments in the heart of the Irvine Business Complex (IBC), east of Jamboree Road and one block north of Main Street. The IBC is a 2,800-acre business park with a diverse base of commercial, office, industrial, and R&D businesses 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. Currently, 48 Fortune 500 companies have offices within the area including Broadcom, McDonnell Douglas, Rockwell International, Allergan, McGaw Laboratories and John Wayne International Airport.
Kelvin Apartments include 1- and 2-bedroom apartment homes and penthouses in a five-level structure. The community includes a large resort-like pool, spa, cabana, barbeque area courtyard and two smaller attached intimate courtyards as well as a dramatic two story lobby, clubhouse, leasing center, fitness studio, yoga room, multipurpose clubhouse with a gourmet kitchen area and internet café. In addition, the development includes two penthouse observation decks for residents to enjoy great mountain and city views. Apartment homes are expected to deliver in 2014.
In addition to these three developments, Mill Creek's California portfolio includes Mission Piers, a 106-apartment community in San Francisco's popular Dogpatch neighborhood and directly across from the historic Pier 70, providing unobstructed Bay views. Currently under construction, first move-ins are expected in the first quarter 2014.
About Mill Creek Residential
Mill Creek Residential develops, acquires and operates high-quality apartment communities in desirable locations coast-to-coast, including in Seattle, Portland, the San Francisco Bay area, Southern California, Denver, Dallas, Austin, Houston, South Florida, Tampa, Orlando, Atlanta, Washington, D.C., New Jersey, New York, and Boston. While we are a national company, we immerse ourselves in our local chosen markets to proactively pursue investment opportunities through our seasoned team of real estate professionals in 14 offices across the United States. We use our deep understanding of each market, our 30+ years of expertise and a fresh, innovative approach to the apartment industry to create places where people thrive – and build real and enduring value for our investors, residents and associates.
Recognized as one of the Top 3 Builders in Multifamily Executive’s Top 50 List for 2013, Mill Creek’s portfolio comprised 29 communities totaling nearly 10,000 apartment homes that were operating or under construction as of May 13, 2013.