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Zia will bring much-needed housing to Orange County where less than 3 in 10 first-time homebuyers can afford to purchase an entry-level home¹

Irvine, Calif. (March 27, 2023) – MBK Rental Living, in joint venture with Haseko Corporation, announced that construction is underway at Zia, a five-story wrap-style apartment community located in central Orange County. Offering upscale living with easy access to downtown Anaheim, Interstate 5, and Disneyland, the MBK Rental Living community will comprise 315 apartments offering studio, one-, two- and three-bedroom floor plans ranging from approximately 600 to 1,900 square feet. The grand opening of the community is anticipated for mid 2024.

Located on 5.2 acres at 1600 W. Lincoln in Anaheim, Zia will feature luxury interior finishes and sustainable elements including quartz countertops, stainless-steel appliances, distinctive wood-style plank flooring, and large-scale precision windows. The thoughtfully designed community will feature amenities such as a 4,900-square-foot, two-story fully equipped fitness center with children’s lounge area with Wi-Fi; pool with grill, bar area, spa, and cabanas; entertainment and Zen courtyards; game lounge with duckpin bowling – a fun variation on the standard ten-pin bowling game; co-working office space with podcast rooms; walking path with outdoor fitness equipment; basketball court; dog spa; and a park.

 “An apartment community of this caliber is in high demand given the strong employment fundamentals and high barriers for entry into home ownership in Orange County,” said Ken McCarren, President of MBK Rental Living. “The fact that first-time homebuyer affordability declined from 41 to 29 percent² in just two years paints a clear picture of the county’s affordability crisis. Zia will attract a wide range of residents from all over Orange County who are seeking a place of belonging and a connection with the local community.”

 Located only a mile west of downtown Anaheim and a mile north of Disneyland, Orange County’s largest private-sector employer; Zia will offer residents the opportunity to “live full circle” with its high-quality confluence of culture, entertainment, sports, fantasy, and enterprise. Residents will easily connect to Interstate 5 as well as to businesses catering to daily needs and the area’s many dining, entertainment, and cultural destinations, including Anaheim’s Packing District, John Wayne Airport, UCI Medical Center, California State University, Fullerton, and the University of California at Irvine, the county’s second largest employer.

MBK is proud to partner with Haseko Corporation in its third apartment joint venture with the company. Zia is designed by AO Architects, landscape is designed by Sitescapes and the interior design by Design-Art.

For more information, please visit www.mbkrentalliving.com/communities.

About MBK Rental Living
MBK Rental Living is active in the acquisition and development of apartment communities. The company’s mission is to be the preeminent lifestyle developer focusing on creating communities that deliver value for their residents, partners, and investors. Throughout its more than 30-year history, MBK has earned a reputation for delivering award-winning customer satisfaction in housing that is innovative in design, comfort, sustainability, and craftsmanship, all at an excellent value. MBK Rental Living is a division of MBK Real Estate Ltd., the U.S. real estate development arm of Mitsui & Co., Ltd., a global trading and investment company with a diversified business portfolio. MBK Real Estate’s companies span a wide spectrum of real estate development including apartments, industrial, and their senior housing divisions. MBK Rental Living is headquartered in Irvine, California. Corporate offices are located at 4 Park Plaza Suite 1700, Irvine, CA 92614; or visit their website at www.MBKRentalLiving.com. 

About Mitsui & Co., Ltd.

Mitsui & Co., Ltd. (8031: JP) is a global trading and investment company with a diversified business portfolio that spans approximately 64 countries in Asia, Europe, North, Central & South America, The Middle East, Africa and Oceania.

Mitsui has over 5,600 employees and deploys talent around the globe to identify, develop, and grow businesses in collaboration with a global network of trusted partners. Mitsui has built a strong and diverse core business portfolio covering the Mineral and Metal Resources, Energy, Machinery and Infrastructure, and Chemicals industries.

Leveraging its strengths, Mitsui has further diversified beyond its core profit pillars to create multifaceted value in new areas, including innovative Energy Solutions, Healthcare & Nutrition and through a strategic focus on high-growth Asian markets. This strategy aims to derive growth opportunities by harnessing some of the world’s main mega-trends: sustainability, health & wellness, digitalization and the growing power of the consumer.

Mitsui has a long heritage in Asia, where it has established a diverse and strategic portfolio of businesses and partners that gives it a strong differentiating edge, provides exceptional access for all global partners to the world’s fastest growing region and strengthens its international portfolio.  For more information on Mitsui & Co’s businesses visit, www.mitsui.com.

About Haseko Corporation

Haseko Corporation, established in 1937, is a Japanese-based construction company mainly specializing in the development of residential condominiums.  The company has built approximately 694,000 condominium units throughout Japan since 1968, equivalent to roughly 10% of Japan’s condominium stock.

Haseko Corporation, through a wholly-owned subsidiary company Haseko America, Inc., has been developing residential, commercial, and resort properties in Hawaii since 1973, including luxury resorts, residential communities, commercial properties, and upscale condominiums on Oahu, Maui, Kauai, and the Big Island. To date, the company has sold 4,000 single-family homes in Hawaii.

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^1-2 Source: 2022-2023 Orange County Community Indicators Report

The Haven at Deer Creek, slated to open in spring 2024, will bring style, sustainability, and much-needed housing to the North Bay region

IRVINE, Calif.  – MBK Rental Living, one of California’s most successful and innovative private developers, has announced the acquisition of a 4.71-acre site in Petaluma, California. The Haven at Deer Creek has both 3-story Garden style and 3-story podium-style apartments. All buildings will be solar-powered for maximum efficiency and located north of San Francisco, offering easy access to Sonoma County’s wine country and the Bay Area. MBK Rental Living’s Class A for-lease community will include 134 one- and two-bedroom apartments, ranging from approximately 720 to 1,202 square feet. The community will welcome its first residents in the Summer of 2024.

“This well-located, thoughtfully designed community in Sonoma County will elevate everyday living, adding inviting style and luxury to a prime part of North Bay already known as a getaway destination,” said Ken McCarren, President of MBK Rental Living. “This land purchase will also set the stage for additional much-needed housing in one of the tightest housing metros in the country. We anticipate that The Haven will attract nearby residents looking to upgrade into an extremely desirable location with excellent accessibility to San Francisco, San Jose, and the countless other Bay Area attractions.”

Construction on the luxury apartment community is anticipated to start in early 2023. Located at 429 N. McDowell Blvd. in Petaluma, The Haven at Deer Creek’s naturally inspired interior design is centered on a modern Spanish theme that includes unit features such as stainless-steel appliances, wood-style plank flooring, and quartz countertops. The Haven will feature a wide array of amenities including an outdoor living space with a hot tub, water feature, grilling area, pizza oven, and fireplace overlooking the Creek and Art walk. The clubroom offers residents a fireplace lounge, pool table, co-working semi-private pods, and a social kitchen.

The new community will offer residents immediate access to Hwy. 110 connecting to Santa Rosa less than 17 miles to the north and to San Francisco only 40 miles to the south. The Sonoma-Marin Area Rail Trail Station is just three miles away. Residents will enjoy convenient connections to Wine Country, IT, healthcare, and other employers, and Petaluma’s highly regarded downtown restaurant scene.

McCarren added, “We are excited to work with the City of Petaluma and be a part of their tremendous growth. We look forward to bringing our eco-friendly stamp to the area with the use of EV chargers, solar panels, drought-resistant landscaping and so much more. This transaction illustrates MBK’s continued ability to provide housing in another high-growth path of California.”

For more information, please visit www.MBKRentalLiving.com.

About MBK Rental Living
MBK Rental Living is active in the acquisition and development of apartment communities. The company’s mission is to be the preeminent lifestyle developer focusing on creating communities that deliver value for their residents, partners, and investors. Throughout its more than 30-year history, MBK has earned a reputation for delivering award-winning customer satisfaction in housing that is innovative in design, comfort, sustainability, and craftsmanship, all at an excellent value. MBK Rental Living is a division of MBK Real Estate Ltd., the U.S. real estate development arm of Mitsui & Co., Ltd., a global trading and investment company with a diversified business portfolio. MBK Real Estate’s companies span a wide spectrum of real estate development including apartments, industrial, and their senior housing divisions. MBK Rental Living is headquartered in Irvine, California. Corporate offices are located at 4 Park Plaza Suite 1700, Irvine, CA 92614; or visit their website at www.MBKRentalLiving.com.

Esperanza at Duarte Station offers next-level amenities and great access to countless L.A. metro attractions

IRVINE, Calif. (October 13, 2022) – MBK Rental Living, one of California’s most successful and innovative private developers, announced today that pre-leasing is underway at Esperanza at Duarte Station, a new Class A 344-unit, five-story apartment community located in the Los Angeles County submarket of Duarte. Model tours are being held by appointment for those on the interest list before being opened to the public. These studio, one-, two-, and three-bedroom apartment homes are 11 miles from downtown Pasadena and 22 miles from downtown Los Angeles along the vibrant Interstate I-210 corridor. Located on 4.3 acres at the intersection of Fasana and Highland Avenue, Esperanza is adjacent to the Duarte/City of Hope Metro Gold Line Station and will offer residents luxury living with 12 floor plans ranging from 514 to 1,090 square feet, as well as a seven-and-a-half story parking structure.

“As our growth continues throughout California, we are excited to extend our presence once more in Los Angeles County in the area of Duarte where MBK Rental Living will offer high-quality, luxury flats with expansive amenities that were designed for how our residents live,” said Ken McCarren, President of MBK Rental Living. “We look forward to providing additional opportunities for renters to live in our sustainably designed homes.”

Residents will enjoy unique rooftop amenities with dramatic views of the San Gabriel mountains, including a resort-style pool and spa; an indoor/outdoor casita with a living room lounge, fireplace, open dining room, and entertainers-style kitchen; a landscaped roof deck with poolside cabanas, outdoor TVs with entertainers’ bar, grilling stations, fire pit and lounge area; and a rooftop gimnasio with free weights, cardio and HIIT zones, and outdoor yoga.

Esperanza’s first-level amenities include the leasing area and café bar, a co-working area with open seating, and a cantina with lounge and counter seating with direct access to Food Truck Alley. Other common area community amenities will include outdoor entertainment, BBQ spaces, and multiple open spaces including a linear park that runs the entire length of the community. The future “casa de perro” will consist of an interior pet wash and dry station as well as an exterior dog park with seating.

Esperanza is located within walking distance of the world-renowned City of Hope, a 120-acre comprehensive cancer treatment center and major area employer that is currently expanding. Residents will have easy access to Trader Joe’s, Target, Starbucks, Walmart, and other major retail and entertainment options as well as dining offerings. The apartment community is also situated near historic Route 66, the historic towns of Monrovia and Bradbury, and numerous hiking trails along the San Gabriel Mountains.

“We have elevated the amenities with this community to mirror the lifestyles of its residents by designing high-end facilities including pocket parks in the courtyards, a landscaped rooftop, and open floor plan designs that will attract a diverse array of residents, from professionals and families to empty nesters and students along with a special emphasis on frontline workers at the City of Hope,” said McCarren. “At the same time, there are even more reasons to rent given the current macro-economic environment of rising interest rates.”

Esperanza at Duarte Station is a joint venture of MBK Rental Living and Haseko Corporation with construction financing provided by Principal Real Estate Investors. The project partners are construction manager R.D. Olson Construction, Architects Orange, PBA Structural Engineers, MJS Landscape, and property manager Greystar.

The community’s first move-ins are anticipated to take place late Fall 2022. The Grand Opening is scheduled for Jan./Feb. 2023. For more information, please visit www.liveesperanza.com.

About MBK Rental Living
MBK Rental Living is active in the acquisition and development of apartment communities. The company’s mission is to be the preeminent lifestyle developer focusing on creating communities that deliver value for their residents, partners, and investors. Throughout its more than 30-year history, MBK has earned a reputation for delivering award-winning customer satisfaction in housing that is innovative in design, comfort, sustainability, and craftsmanship, all at an excellent value. MBK Rental Living is a division of MBK Real Estate Ltd., the U.S. real estate development arm of Mitsui & Co., Ltd., a global trading and investment company with a diversified business portfolio. MBK Real Estate’s companies span a wide spectrum of real estate development including apartments, industrial, and their senior housing divisions. MBK Rental Living is headquartered in Irvine, California. Corporate offices are located at 4 Park Plaza Suite 1700, Irvine, CA 92614; or visit their website at www.MBKRentalLiving.com.

The 142-unit, Class A property offers the newest luxury apartment and townhome living in Paso Robles

 IRVINE, Calif. (August 23, 2022) – MBK Rental Living is delighted to have successfully executed the sale of Blue Oak, a 142-unit Class A luxury apartment and townhome community in Paso Robles, California, to a private Los Angeles owner. The sale reflects the strong performance of the apartment homes due to economic growth in California’s Central Coast.

Opened in 2019, the 12.2-acre luxury apartment community consists of one-, two-, and three-bedroom units and a 3,077-square-foot four-bedroom detached single-family residence. Blue Oak’s long list of amenities includes an open floor plan clubhouse; outdoor spaces with seating and open lawn areas with a fire pit and barbeques; a resort-style pool and spa; a fully equipped 24-hour fitness center; resident garden; playgrounds; and basketball court. Residents also enjoy some of the largest homes in the market with high ceilings, well-appointed interior finishes along with in-unit washer and dryer, and direct access garages in select homes.

Paso Robles offers residents an excellent quality of life surrounded by natural beauty in the heart of the central coast’s wine country while allowing easy access to San Francisco and Los Angeles. Residents have access to a variety of amenities including a world-class wine scene and are within a five-minute drive to Downtown Paso Robles, Hunter Ranch Golf Course, and Sensoria – a 15-minute walk-through art exhibit illuminating the natural beauty of the countryside.

“Paso Robles is a growing Central Coast city with a rich history set against a backdrop of vineyards, olive orchards, farms, and ranches. Inspired by the local culture, this was a special opportunity that we turned into a wonderful community, from the design and spacious accommodations to the apartment and townhome composition,” said Ken McCarren, President of MBK Rental Living. “With Blue Oak, MBK Rental Living has once again demonstrated its great range, which combined with our hallmark product quality drives a lot of value for residents.”

 The CBRE team of Stewart Weston, Dean Zander, Jefrey Henderson, and Jon Teel represented MBK Rental Living in the sale.

About MBK Rental Living
MBK Rental Living is active in the acquisition and development of apartment communities. The company’s mission is to be the preeminent lifestyle developer focusing on creating communities that deliver value for their residents, partners, and investors. Throughout its more than 30-year history, MBK has earned a reputation for delivering award-winning customer satisfaction in housing that is innovative in design, comfort, sustainability, and craftsmanship, all at an excellent value. MBK Rental Living is a division of MBK Real Estate Ltd., the U.S. real estate development arm of Mitsui & Co., Ltd., a global trading and investment company with a diversified business portfolio. MBK Real Estate’s companies span a wide spectrum of real estate development including apartments, industrial, and their senior housing divisions. MBK Rental Living is headquartered in Irvine, California. Corporate offices are located at 4 Park Plaza Suite 1700, Irvine, CA 92614; or visit their website at www.MBKRentalLiving.com.

The 300-unit, Class A multifamily property offers high-end design and lifestyle-enriching amenities in L.A. County   

 IRVINE, Calif. (May 26, 2022) – MBK Rental Living announces the sale of Evolve South Bay, a 300-unit new Class A apartment community in Carson, California, to MG Properties. The third multifamily transaction between the two companies, the sale presented unparalleled upside in the rapidly expanding Carson neighborhood just south of downtown Los Angeles. The lease up during the pandemic was completed in 12 months. 

Opened in September 2020, the 11.9-acre luxury apartment community consists of three-story stacked flats with 11 spacious floor plans. The one-, two- and three-bedroom residences range from 735 to 1,325 square feet. Evolve South Bay’s long list of amenities include a two-story clubhouse with entertainers kitchen and California room overlooking the Porsche Experience Center; a resort-style pool and spa with cabanas, a barbecue area, outdoor fireplaces, an outdoor media lounge and social lounge; and a state-of-the-art fitness studio, yoga room, and outdoor fitness equipment with a running track. Residents also enjoy a playground, cornhole court, community dog park, and second-story co-working space that includes private offices and conference rooms. 

Conveniently located at 285 E. Del Amo Blvd. in Carson, the thoughtfully designed property offers the fusion of an urban, fast-paced Los Angeles lifestyle in a sophisticated California South Bay community. Residents can easily access I-405, I-110 and I-710, Los Angeles International Airport and Long Beach Airport, as well as nearby neighborhoods that include Torrance, Gardena, Long Beach, and Redondo Beach. Immediately north of the community is the Porsche Experience Center, a 52-acre complex that is home to Porsche North America and includes a road course, restaurant and other performance facilities.  

“The oasis-like attraction that is Evolve South Bay’s mix of high-end design and lifestyle-enriching amenities was certainly borne out by its leasing velocity and rent growth, which then attracted high-level investors like MG Properties,” said Ken McCarren, President of MBK Rental Living. “This marks the third significant transaction within the last two and a half years between MG and MBK Rental Living in Southern California following last fall’s sale of Artesa at Menifee Town Center in Menifee. By utilizing creative mediums including drone tours, virtual property and unit tours and digital marketing, the results proved positive, even in turbulent times. The Los Angeles County market continues to be a market that investors want to be in long term due to its tremendous market fundamentals.” 

“Always of critical importance in L.A. County, housing has gone to another level with the pandemic as residents need and expect more. Evolve South Bay supplies those things in a special way,” said MG Properties Managing Director Jeff Gleiberman. “We are pleased to own such a quality asset, knowing both the market dynamics and MBK’s strong track record of developing well-designed, high-quality product that is very well-received by residents.” 

McCarren added, “The strong pace of lease-up at Evolve South Bay despite the pandemic was especially satisfying and confirmed our vision and execution in bringing a new level of quality homes with garages to the Carson market along with remarkable amenities. From development to the delivery and to the residents’ embrace of the community, Evolve South Bay is well-positioned for continued success and growth.” 

Financing was provided by Freddie Mac and arranged by Brian Eisendrath and Cameron Chalfant of Institutional Property Advisors.   

MG Properties continues to expand its Southern California presence with Evolve South Bay marking the company’s 15th property in the region. The San Diego-based company has purchased 20 communities overall in the last year, totaling over $2 billion in combined value. The company is targeting further acquisitions in California, Washington, Oregon, Arizona, Nevada, Utah, Colorado and Texas. 

About MBK Rental Living
MBK Rental Living is active in the acquisition and development of apartment communities. The company’s mission is to be the preeminent lifestyle developer focusing on creating communities that deliver value for their residents, partners, and investors. Throughout its 30-year history, MBK has earned a reputation for delivering award-winning customer satisfaction in housing that is innovative in design, comfort, sustainability, and craftsmanship, all at an excellent value. MBK Rental Living is a division of MBK Real Estate Ltd., the U.S. real estate development arm of Mitsui & Co., Ltd., one of the world’s largest conglomerates. MBK Real Estate’s companies span a wide spectrum of real estate development including apartments, industrial, and their senior housing divisions. MBK Rental Living is headquartered in Irvine, California. Corporate offices are located at 4 Park Plaza Suite 1700, Irvine, CA 92614; or visit their website at www.MBKRentalLiving.com. 

About MG Properties
MG Properties is a privately owned, fully integrated real estate company specializing in the investment, redevelopment, and management of multi-family assets. Headquartered in San Diego, California, MG was founded in 1992 by Mark Gleiberman with the mission to enrich communities. Today, MG Properties manages over 27,000 apartment homes in over 95 communities in high-growth cities in California, Arizona, Nevada, Washington, Colorado, and Oregon. The company’s apartment portfolio has a total market value of over $9 billion. For additional information, visit www.mgproperties.com. 

Joint venture with Haseko Corporation to provide 389 apartments in the south end of Silicon Valley 

MORGAN HILL, Calif. (May 17, 2022) – MBK Rental Living, one of California’s most successful and innovative private developers, announced the acquisition of a 19.5-acre site in Morgan Hill, CA for a 389-unit Class A for-lease residential community named Vida at Morgan Hill. MBK Rental Living is proud to partner with Haseko Corporation (Haseko) in its fourth apartment joint venture. With the goal of offering elevated, everyday living in a Silicon Valley getaway destination, Vida marries the best of location, comfort, and culture to a location that is in need of housing. Construction started in April and Vida’s groundbreaking ceremony with the Mayor and key city officials is scheduled for early June 2022.

This three-story, 389-unit community will consist of two- and three-story buildings that will offer one- and two-bedroom garden-style apartments surrounded by the Santa Cruz and Diablo mountain ranges. The enviable amenities include a fitness center with 2nd-floor yoga; a resort-style pool with a separate area for children’s pool, a clubroom with a game lounge, and a California room; co-working office space with semi-private pods; and fully landscaped extensive outdoor spaces, all of which invite residents to indulge in a seamless indoor-outdoor lifestyle.

“Our future resident’s lifestyles have guided our decisions in this community every step of the way. We know they’ll be inspired to take advantage of all that Morgan Hill has to offer, including farmer’s markets, art galleries, wineries, and hiking to name just a few. We want to provide them with a warm, inviting place to land with elevated amenities that cater to their busy lifestyles,” said Lisa Cabral, Senior Manager of Design and Marketing of MBK Rental Living.

Located just 20 miles south of Downtown San Jose, with ready access to the 101 Freeway and the Morgan Hill Caltrain Station, the development is within a 15-mile radius of some of Silicon Valley’s leading employers including Apple, Netflix, Adobe, Zoom, and eBay. Residents will have a short drive to San Francisco and other Bay Area attractions to the north as well as the Monterey Peninsula to the south.

“The affluent Morgan Hill location boasts a median income of $130K, and the larger San Jose Metropolitan area has enjoyed a rate of 0.9% per annum job growth, both of which are more than double the national average.” Ken McCarren, President of MBK Rental Living said. “This land purchase in south Silicon Valley also serves another purpose by setting the stage for additional much-needed housing in one of the tightest housing metros in the country. We anticipate that Vida will attract nearby residents looking to upgrade into an extremely desirable location with excellent accessibility to Silicon Valley employers and top-quality schools.”

The feeling of the surrounding area is captured in the interior design details that Vida will offer, which centers around a modern Mediterranean theme and includes finishing touches such as stainless-steel appliances, wood-style plank flooring, and quartz countertops. Vida readily encourages residents to soak up the good life and aspires to become the place where home becomes the final destination.

“We are very excited to partner once more with Haseko and to also have the opportunity to be involved in the tremendous amount of growth that is occurring in Morgan Hill. With our newest location, MBK Rental Living continues to be situated in yet another path of growth in California,” Mr. McCarren said.

“Haseko is proud to be partnering with an experienced and trustworthy developer, MBK Rental Living in its fourth apartment joint venture. We are confident that the Silicon Valley gateway location with well-designed lifestyle-oriented apartments brings success to our project. We are continuing to seek more investment opportunities in the residential field and expand our business in the United States,” Ryo Yamakawa, President of Haseko America, Inc. said.

Debt financing for the acquisition was sourced and arranged by Scott Williams at CBRE. The loan is secured with JP Morgan Chase.

Construction on the luxury apartment community is scheduled to start in the second quarter of 2022, and the grand opening is slated for late 2023.

For more information, please visit www.MBKRentalLiving.com.

About MBK Rental Living
MBK Rental Living is active in the acquisition and development of apartment communities. The company’s mission is to be the preeminent lifestyle developer focusing on creating communities that deliver value for their residents, partners, and investors. Throughout its more than 30-year history, MBK has earned a reputation for delivering award-winning customer satisfaction in housing that is innovative in design, comfort, sustainability, and craftsmanship, all at an excellent value. MBK Rental Living is a division of MBK Real Estate Ltd., the U.S. real estate development arm of Mitsui & Co., Ltd., a global trading and investment company with a diversified business portfolio. MBK Real Estate’s companies span a wide spectrum of real estate development including apartments, industrial, and their senior housing divisions. MBK Rental Living is headquartered in Irvine, California. Corporate offices are located at 4 Park Plaza Suite 1700, Irvine, CA 92614; or visit their website at www.MBKRentalLiving.com.

About Haseko Corporation

Haseko Corporation, established in 1937, is a Japanese-based construction company mainly specializing in the development of residential condominiums.  The company has built approximately 680,000 condominium units throughout Japan since 1968, equivalent to roughly 10% of Japan’s condominium stock.

Haseko America, Inc., a wholly-owned subsidiary of Haseko Corporation, has been developing residential, commercial, and resort properties in Hawaii since 1973, including luxury resorts, residential communities, commercial properties, and upscale condominiums on Oahu, Maui, Kauai, and the Big Island. To date, the company has sold 4,000 single-family homes in Hawaii.

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Real Estate Veteran and MBK Executive Ken McCarren Promoted to President Effective April 1, 2022  

IRVINE, Calif. — (March 28, 2022) – MBK Rental Living, one of California’s most successful and innovative private developers, announced that President Craig Jones will retire from the company at the end of March 2022. During his time at the helm, Jones used his more than 20 years of real estate experience in acquisitions, asset management, strategic planning, and market research to take the company to new heights. MBK Rental Living has steadily grown with consistent success since its inception in 2012 and is well positioned for the future and additional growth ahead through a secured pipeline of projects. Ken McCarren, Vice President of Asset Management, will succeed Jones as President.

Jones joined MBK in 2012 with MBK Homes and then was instrumental in helping establish MBK Rental Living, a division of MBK Real Estate LLC. Before becoming President in 2017, he served as Vice President of Acquisitions and Asset Management. During that time, Jones developed MBK’s apartment investment strategy, sourcing and acquiring land for the company and coordinating the design of upcoming communities. He also oversaw operations and asset management of MBK’s apartment portfolio.

“MBK Rental Living’s focus is on creating communities that enrich the lives of our residents and exceed the financial expectations of our investors. It takes an integrated team of real estate professionals to implement sustainable design and quality construction to meet the needs and lifestyles of today’s residents, which is why I’m excited about the company’s next stage with Ken McCarren. He is a talented and quality leader, and above all, a highly experienced professional who will take MBK Rental Living to the next level,” said Jones. “Ken and I worked closely together for 11 years at the Irvine Company and when the opportunity became available, he seamlessly joined our team at MBK. I’m especially thankful and appreciative for the very talented and hardworking team that I’ve had the privilege to work alongside at MBK Rental Living and our parent company, Mitsui & Co. Ltd. As a team we have been able to uphold our vision and values and stand by our mission to be the preeminent lifestyle developer focused on creating communities that deliver value for our residents, partners and investors.”

“We wish Mr. Jones all the best in his journey ahead together with his family,” Katsuo Yamanaka, Chairman and President of MBK Real Estate LLC. “From his role in helping form MBK Rental Living to his investment strategy and so much more, he has had a tremendous impact on the success of the company and paving the way toward a very bright future.”

As President, McCarren will be responsible for leading MBK Rental Living’s acquisition, disposition, construction, asset management, strategic planning, and market research. He joined the company in 2020 with over 30 years of experience in the multifamily business. Under McCarren’s leadership, MBK Rental Living has made significant enhancements to the quality of its market-related due diligence and property management oversight. Leveraging his extensive industry experience, he will continue to steward the company’s relationships with Mitsui and its partners throughout the industry.

“I am honored to serve as the new President of MBK Rental Living. Having worked under the leadership of Craig Jones, I know he has set the groundwork for the future and left us well-prepared to take the company to the next level. The opportunity is truly special and humbling,” said incoming President Ken McCarren.

McCarren holds a degree in business from California State University at Long Beach as well as the designation of Certified Property Manager from the Institute of Real Estate Management. “My multifamily experience spans more than 75,000 units and six states over the last 30 years in asset management, and I’ve never been more excited about a company’s promise and mission,” continued McCarren. “I respectfully and wholeheartedly salute Craig and what he has done as MBK’s chief, knowing that because of his vision and leadership we have an even greater opportunity to create places of tremendous value for residents as well as for our partners and investors. Together with our team, I look forward to leading MBK Rental Living to continued success.”

For more information, please visit www.MBKRentalLiving.com.

About MBK Rental Living
MBK Rental Living is active in the acquisition and development of apartment communities. The company’s mission is to be the preeminent lifestyle developer focusing on creating communities that deliver value for their residents, partners, and investors. Throughout its 30-year history, MBK has earned a reputation for delivering award-winning customer satisfaction in housing that is innovative in design, comfort, sustainability, and craftsmanship, all at an excellent value. MBK Rental Living is a division of MBK Real Estate Ltd., the U.S. real estate development arm of Mitsui & Co., Ltd., one of the world’s largest conglomerates. MBK Real Estate’s companies span a wide spectrum of real estate development including apartments, industrial, and their senior housing divisions. MBK Rental Living is headquartered in Irvine, California. Corporate offices are located at 4 Park Plaza Suite 1700, Irvine, CA 92614; or visit their website at www.MBKRentalLiving.com.

About Mitsui & Co., Ltd.

Mitsui & Co., Ltd. (8031: JP) is a global trading and investment company covering more than 60 countries in Asia, Europe, North, Central & South America, The Middle East, Africa and Oceania.

Mitsui develops businesses in collaboration with a global network of trusted partners, having built a strong and diverse business portfolio such as mineral and metal resources, energy, machinery, infrastructure and chemicals industries, and real estate. For more information on Mitsui & Co’s businesses visit, www.mitsui.com.

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Zia, slated to pre-lease in late 2023, will bring much-needed housing to Orange County

Irvine, Calif. (January 25, 2022) – MBK Rental Living announced that it has closed escrow on the purchase of 5.25 acres in Anaheim for the development of Zia, a four-story wrap-style apartment community located in central Orange County. MBK is proud to partner with Haseko Corporation (Haseko) in its third apartment joint venture with the company. Offering upscale living with easy access to downtown Anaheim, Interstate 5 and Disneyland, the MBK Rental Living community will include 315 apartments offering studio, one-, two- and three-bedroom floor plans, ranging from approximately 600 to 1,900 square feet.

Located at 1600 W. Lincoln in Anaheim, Zia will feature luxury interior finishes and sustainable elements including quartz countertops, stainless-steel appliances, distinctive wood-style plank flooring and large-scale precision windows. Thoughtfully designed with purpose and a focus on residents’ well-being, the community will feature amenities such as a 4,900-square-foot two-story fully equipped fitness center with children’s wi-fi area; pool with grill and bar area, spa, and cabanas; entertainment and Zen courtyards; game lounge with duckpin bowling, a fun variation on the standard ten-pin bowling game; co-working office space with podcast rooms; walking path with outdoor fitness equipment; basketball court; dog spa; and a park.

“This well-located, highly amenitized community will bring much-needed quality housing to Orange County where only 34 percent of first-time home buyers can afford an entry-level home as of first quarter 2021¹,” said Craig Jones, President of MBK Rental Living. “We anticipate that Zia will attract a wide range of residents seeking convenient commutes to jobs, with some expected to relocate from Los Angeles, coastal Orange County, and other areas of the LA Basin.”

The new community will offer residents the opportunity to “live full circle” with immediate access and visibility to Interstate 5 and is located only a mile west of downtown Anaheim and a mile north of Disneyland, Orange County’s largest private-sector employer. Residents will easily connect to daily needs and the area’s many dining, entertainment, and cultural destinations, including Anaheim’s Packing District; John Wayne Airport; UCI Medical Center; California State University, Fullerton; and the University of California at Irvine, the county’s second largest employer.

“Zia is designed to balance urban energy and the comforts of home: A+ access to all of Orange County’s entertainment, dining and retail offerings, but also a residential sanctuary with resort-style offerings that elevate the relaxed, social and self-improvement aspects of a special Southern California lifestyle,” Jones added.

Zia will make a difference with the local community by providing a place of belonging for its residents and support for the community full circle. The grand opening of the community is anticipated for late 2023. Zia is designed by AO Architects and landscape is designed by Sitescapes. Marc Renard, Executive Vice Chairman of Cushman & Wakefield, represented the parties in the transaction.

About MBK Rental Living

MBK Rental Living is active in the acquisition and development of apartment communities. The company’s mission is to be the preeminent lifestyle developer focusing on creating communities that deliver value for their residents, partners, and investors. Throughout its more than 30-year history, MBK has earned a reputation for delivering award-winning customer satisfaction in housing that is innovative in design, comfort, sustainability, and craftsmanship, all at an excellent value. MBK Rental Living is a division of MBK Real Estate Ltd., the U.S. real estate development arm of Mitsui & Co., Ltd., a global trading and investment company with a diversified business portfolio. MBK Real Estate’s companies span a wide spectrum of real estate development including apartments, industrial, and their senior housing divisions. MBK Rental Living is headquartered in Irvine, California. Corporate offices are located at 4 Park Plaza Suite 1700, Irvine, CA 92614; or visit their website at www.MBKRentalLiving.com.

About Mitsui & Co., Ltd.

Mitsui & Co., Ltd. (8031: JP) is a global trading and investment company with a diversified business portfolio that spans approximately 64 countries in Asia, Europe, North, Central & South America, The Middle East, Africa and Oceania.

Mitsui has over 5,600 employees and deploys talent around the globe to identify, develop, and grow businesses in collaboration with a global network of trusted partners. Mitsui has built a strong and diverse core business portfolio covering the Mineral and Metal Resources, Energy, Machinery and Infrastructure, and Chemicals industries.

Leveraging its strengths, Mitsui has further diversified beyond its core profit pillars to create multifaceted value in new areas, including innovative Energy Solutions, Healthcare & Nutrition and through a strategic focus on high-growth Asian markets. This strategy aims to derive growth opportunities by harnessing some of the world’s main mega-trends: sustainability, health & wellness, digitalization and the growing power of the consumer.

Mitsui has a long heritage in Asia, where it has established a diverse and strategic portfolio of businesses and partners that gives it a strong differentiating edge, provides exceptional access for all global partners to the world’s fastest growing region and strengthens its international portfolio.  For more information on Mitsui & Co’s businesses visit, www.mitsui.com.

About Haseko Corporation

Haseko Corporation, established in 1937, is a Japanese-based construction company mainly specializing in the development of residential condominiums.  The company has built approximately 680,000 condominium units throughout Japan since 1968, equivalent to roughly 10% of Japan’s condominium stock.

Haseko America, Inc., a wholly-owned subsidiary of Haseko Corporation, has been developing residential, commercial, and resort properties in Hawaii since 1973, including luxury resorts, residential communities, commercial properties, and upscale condominiums on Oahu, Maui, Kauai, and the Big Island. To date, the company has sold 4,000 single-family homes in Hawaii.

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¹ Source: 2021-2022 Orange County Community Indicators Report

330-unit, Class A Multifamily property offers next-level amenities with a walkable and vibrant ‘urban’ environment  

IRVINE, Calif. (October 27, 2021) –MBK Rental Living is delighted to have successfully executed the sale of its Artesa at Menifee Town Center, a 330-unit new Class A apartment community in Menifee, Calif. to MG Properties Group.  The sale price of $156M, or $472,727 per unit, reflects the strong performance of apartment properties in the Inland Empire as it benefits from exceptional economic growth.

Key Data Points:

• Artesa at Menifee Town Center is the fourth largest apartment transaction in the history of the Inland Empire.
• The community was leased up at a pace of over 40 leases per month despite the impacts of the national pandemic while achieving substantial rental rate gains and virtually no concessions.

Opened in February 2020, the 15-acre best-in-class apartment community consists of 37 two- and three-story walk-up buildings with eight open-concept floor plans. The one-, two- and three-bedroom residences range from 820 to 1,322 square feet. The community was designed with a multitude of common area amenities and provides urban-style living in a walkable, small-town setting. Artesa is located in one of the fastest growing cities in California and is strategically positioned along the Interstate 215 corridor, an area of significant economic expansion, including the new Menifee Justice Center, which is scheduled to start construction this month.  It is also located within walking distance to plentiful shopping, dining and entertainment options at the 172-acre Menifee Town Center in the heart of the city. It is in close proximity to the newly opened Center Pointe Shopping Center and Menifee Lakes Plaza, and to the surrounding Temecula Valley, which includes additional shopping and award-winning wineries. The area is also home to Mt. San Jacinto College’s Menifee campus, one of California’s fastest growing community colleges.

“Artesa at Menifee Town Center was a record-breaking lease up for MBK, both in terms of leasing velocity and rent growth, showing the strength of rental demand in this dynamic market.  It also marks the second significant transaction within the last two years between MG and MBK in Southwest Riverside County, following the sale of  Mitchell Place in nearby Murrieta. We love the long-term story of this market and recognized the potential in acquiring land and building in this area,” said Craig Jones, president of MBK Rental Living. “The location, combined with its exceptional design along with the interior and exterior amenities, makes Artesa an attractive investment opportunity for buyers. We’re pleased to have completed this transaction with MG.”

“The Inland Empire has some of the strongest apartment fundamentals in the nation, and we are thrilled to be adding to our substantial portfolio there,” said MG Properties CEO and founder Mark Gleiberman. “We are pleased to complete another transaction with the MBK team, and believe that their well-designed, high quality product will be well-received by residents.”

Rachel Parsons and Derrek Ostrzyzek of Berkadia brokered the sale on behalf of MBK Rental Living. Financing was provided by funds managed by an affiliate of Apollo Global Management, Inc. and arranged by Cameron Chalfante at CBRE.

Further expanding its Southern California presence, Artesa at Menifee Town Center will mark MG Properties Group’s 11^th property in the Inland Empire. MG Properties Group has purchased 19 communities in the last year for the company overall – totaling over $1.75 billion in combined value. The company is targeting further acquisitions in California, Washington, Oregon, Arizona, Nevada, Utah, Colorado and Texas.

About MBK Rental Living
MBK Rental Living is active in the acquisition and development of apartment communities. The company’s mission is to be the preeminent lifestyle developer focusing on creating communities that deliver value for their residents, partners, and investors. Throughout its 30-year history, MBK has earned a reputation for delivering award-winning customer satisfaction in housing that is innovative in design, comfort, sustainability, and craftsmanship, all at an excellent value. MBK Rental Living is a division of MBK Real Estate Ltd., the U.S. real estate development arm of Mitsui & Co., Ltd., one of the world’s largest corporations. MBK Real Estate’s companies span a wide spectrum of real estate development including apartments, industrial, and their senior housing divisions. MBK Rental Living is headquartered in Irvine, California. Corporate offices are located at 4 Park Plaza Suite 1700, Irvine, CA 92614; or visit their website at www.MBKRentalLiving.com.

About MG Properties Group

MG Properties Group is a privately owned, fully integrated real estate company specializing in the investment, redevelopment, and management of multi-family assets. Headquartered in San Diego, California, MG was founded in 1992 by Mark Gleiberman with the mission to enrich communities. MG’s current portfolio is comprised of over 23,000 rental homes in California, Washington, Arizona, Nevada, Colorado, and Oregon, including 79 communities. For additional information, visit www.mgproperties.com.

Contact:

• Katy Biggerstaff, (562) 761-6338, kbiggerstaff@newgroundco.com
• Paul Kaseburg, (858) 366-6534, pkaseburg@mgproperties.com