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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

Azure, a luxury garden-style apartment community in Santa Maria, Calif., combines “rustic style with
modern sophistication,” said Craig Jones, President, MBK Rental Living (developer). Designed by Summa Architecture, Azure offers  318 studio and one-, two-, and three-bedroom residences (406 to 1,211 sf) in open-floor plans with vaulted ceilings, wood-style flooring, covered patios with storage rooms, a farmhouse-style clubhouse with kitchen, two swimming pools, two spas, table tennis, horseshoes, bocce, futsal, two playgrounds, and a dog park/pet spa. Wallace Smith was the GC.

Click here to read the article in Multifamily Design + Construction 

June 24, 2021 Bianca Barragan, Bisnow Southern California

Light rail commuters might see some dust Thursday next to the Duarte/City of Hope train station as work has begun on a project where, over the next two years, more than 300 residential units will take shape.

MBK Rental Living and joint venture partner Haseko Corp. broke ground Wednesday on a transit-oriented development in Duarte, adjacent to the eastward-expanding Gold (L) Line light rail.

The development is within walking distance of the City of Hope cancer treatment center.

“In addition to being one of the primary health care hubs in the region, Duarte continues to benefit from migration into neighborhoods along the 210 corridor. We’re continuing to invest in the future of Southern California with the goal of providing much needed housing,” MBK Rental Living President Craig Jones said in a statement.

The five-story Esperanza at Duarte Station will bring 344 apartments and a 7.5-story parking structure to the 4.3-acre site. Apartments will run from studio to three-bedroom floor plans and range from 514 to 1,090 SF. Residents will have access to amenities including a rooftop gym, a pool and spa, a coworking space and a dog park.

Target residents at the project range from students and professionals to employees of City of Hope, developers said. Esperanza at Duarte Station is expected to be complete in 2023.

The development’s groundbreaking comes as questions about public transportation’s post-coronavirus rebound remain unanswered. The idea that building more housing near public transportation would help boost ridership and keep cars off the streets has driven development along light rail lines that crisscross LA and the county, but ridership numbers, which were dropping prior to the coronavirus pandemic, cratered during the public health crisis. (Traffic also dropped off, but it has already returned.)

The L Line, which runs roughly parallel to the 210 Freeway, ends in Azusa now, near Citrus College, but an extension east — with new stations in Glendora, San Dimas, La Verne and Pomona — is underway. The extension is ultimately expected to go as far east as Montclair. Major construction on the Glendora-to-Pomona section is expected to be complete in 2025.

Construction financing for Esperanza at Duarte Station was provided by Principal Real Estate Investors. R.D. Olson Construction is building the multifamily project, which was designed by Architects Orange, PBA Structural Engineers and MJS Landscape.

Contact Bianca Barragan at bianca.barragan@bisnow.com

Article: Biznow.com

Posted on June 24, 2021 by Amy Works in California, Development, Multifamily, Western

Esperanza at Duarte Station will feature 344 apartments, a parking structure, resort-style pool and spa and rooftop indoor/outdoor fitness center.

DUARTE, CALIF. — MBK Rental Living and R.D. Olson Construction have broken ground on Esperanza at Duarte Station, a multifamily property located on 4.3 acres in Duarte.

The five-story property will feature 344 one-, two- and three-bedroom apartments in a mix of 12 floor plans ranging from 514 square feet to 1,090 square feet. Community amenities will include a parking structure, rooftop indoor/outdoor fitness center, clubroom, resort-style pool and spa, outdoor entertainment and cooking spaces, a coworking venue, dog park, pet washing station and a linear park that runs the length of the community.

Esperanza at Duarte Station is a joint venture project between MBK Rental Living and Haseko Corp., with construction financing provided by Principal Real Estate Investors. Additional project partners include Architects Orange, PBA Structural Engineers and MJS Landscape.

Article: rebusinessonline.com

By Lynn Pollack | June 09, 2021 at 07:40 AM

Small cities are leading this trend due to a “residential recalibration” from urban areas to more suburban locales.

Year-to-date deliveries accounted for some 10,400 units across the top 10 markets in the state, according to Yardi Matrix data.

• By Lucia Morosanu

Construction in 2020 has struggled, as stay-at-homes orders imposed at the beginning of the year to help slow down the spread of COVID-19 have generated delays in construction starts and permitting. Additionally, this year California had to deal with the flight from more expensive metros of many big companies such as Oracle, Tesla, Hewlett Packard Enterprise and Palantir.

Year-to-date as of April, the top 10 California markets added 10,380 units to rental stock. Extended construction timelines mean that this number is expected to significantly increase until the end of 2021, as all the markets on the list, except for Metro Los Angeles, anticipate delivering the bulk of new units in the second half of the year. Bellow we ranked the top 10 California markets with the highest number of units delivered year-to date, according to Yardi Matrix data.

Source: Yardi Matrix

10. INLAND EMPIRE

The first entry on the list is also the only one to complete a single community through April. Some 136 units, 0.1 percent of the total stock, came online in the Inland Empire. Almost all of the new residential construction in 2021 in the metro is scheduled to be completed in the second half of the year, with 2,227 units across 14 communities expected to come online. This is a decrease compared to 2020, when roughly 3,100 units were added to the stock.

The sole community to be completed is the 136-unit Levante in Fontana, Calif. The luxury property is less than 50 miles from downtown Los Angeles. According to Yardi Matrix data, SC Development received a $20.4 million construction loan from Farmers and Merchants Bank of Long Beach in 2019 for the development of the asset.

9. SAN FRANCISCO–PENINSULA

The market added two communities comprising 317 units in the first five months of the year, which represents 0.3 percent of total stock. The majority of new communities are expected to come online during the second half of the year, with almost 4,100 units in 27 communities scheduled for completions in San Francisco–Peninsula. This represents an increase from the previous year, when 3,274 units across 17 communities were delivered.

The largest project to be delivered is the 197-unit Sendero Townhomes in Santa Rosa, Calif. Situated at 1791 Sebastopol Road just off highway 12, the Gallaher Homes’ community features studio and three-bedroom apartments.

8. CENTRAL VALLEY

The market saw the addition of 317 units in two communities. By the end of the year, the Central Valley is expected to deliver 1,207 units in 12 communities. This constitutes a slight increase from the previous year, when 1,215 units were completed in 8 communities.

The Riviera was the largest development to be completed year-to-date and is located at 2311 N. Hillman St in Tulare, Calif., just off Highway 99. Ginder Development received a $23.9 million construction financing from Tri Counties Bank for the development of the 168-unit community, according to Yardi Matrix data.

7. EASTERN LOS ANGELES COUNTY

Only two communities were completed year-to-date and added 436 units to the metro or 0.4 percent of the stock. The vast majority of new residential development this year in Eastern Los Angeles County is expected to be delivered in the second part of 2021, a total of 3,633 units across 23 communities. This marks an impressive increase for the metro from 2020, when just nine communities came online and grew the inventory with 1,339 units.

Evolve South Bay in Carson, Calif., is the largest project to be completed. MBK Rental Living broke ground on the 300-unit luxury community in July 2019. Located at 285 E. Del Amo Blvd. adjacent to Interstate 405, the community is less than 19 miles south of downtown Los Angeles.

6. SAN FERNANDO VALLEY-VENTURA COUNTY

Three communities totaling 452 units, or 0.3 percent of total stock, were completed through April. Eight more communities comprising a little over 1,500 units are expected to be delivered by the end of 2021. The previous year San Fernando Valley-Ventura County recorded almost double the numbers, with 3,683 units added to the stock across 19 communities.

Portside Ventura Harbor in Ventura, Calif., was the largest project to be completed. Sondermann Ring Partners landed a $71.8 million construction loan from PNC Bank for the development of the 300-unit coastal community. The five buildings comprise studio, one-, two- and three-bedroom options.

5. SAN DIEGO

The metro added 740 units in only 2 properties, which comprises 0.4 percent of total stock. Until the end of the year, 4,442 units across 20 projects are expected to be delivered. San Diego saw 3,529 units come online in 2020, in 19 properties.

The 434-unit Purl was the largest of the two projects to be completed this year. Sudberry Properties received a $110 million construction loan in 2017 from Pacific Western Bank to develop the luxury asset. Located at 7901 Civita Blvd. within the 230-acre Civita urban village, the property is adjacent to the future, 1.5-acre Creekside Park.

4. ORANGE COUNTY

Orange County is the first entry on the list to break through the 1,000-unit mark, with 1,103 units delivered year-to-date in five communities. That accounts for 0.5 percent of total existing stock. By the end of 2021, the market is anticipated to add another 2,118 units across 12 properties. That’s significantly more than last year, when 1,900 units were delivered in 10 communities.

The 483-unit Broadstone Atlas in Santa Ana, Calif., was the largest project to be delivered. The property is part of Park & Paseo, an 18-acre mixed-use development which will include 1,221 multifamily units and 74,000 square feet of retail space roughly 1 mile from the Irvine Business Complex.

3. BAY AREA-EAST BAY

Eight projects were completed in the first five months of the year in Bay Area-East Bay. The communities added 1,524 units to the market, 1.1 percent of existing stock. The metro is expected to deliver most of its new communities this year in the second half of 2021, meaning 48 properties, totaling a little over 8,100 units. In 2020, some 4,900 units were added to the East Bay’s rental stock.

Located at Jack London Square in Oakland, Calif., the 333-unit Channel House is the largest project to be delivered through April. CIM Group topped out the waterfront development back in 2019 but only completed the property in March this year.

2. BAY AREA-SOUTH BAY

Bay Area-South Bay had a good start to the year with a little over 2,000 units to come online in only six projects, which represents 1.6 percent of the market’s inventory. Some 4,900 units are scheduled to be completed by year-end. This would add 19 new communities to the stock. This represents almost double the number the metro delivered the previous year, when only 3,149 units were added.

Greystar’s Lynhaven in San Jose was the biggest community to come online through April. The 636-unit Silicon Valley community is within walking distance of public transit and less than a mile from Interstate 280. According to Yardi Matrix data, the owner received $201 million in construction financing from Otera Capital to develop the community.

1. METRO LOS ANGELES

The top spot, with a sizable lead, was Metro Los Angeles with 3,287 units added to the stock across 13 projects. This represents 1.7 percent of the metro’s total inventory, the highest percentage on the list. Metro Los Angeles is expected to deliver another almost 10,500 units in 67 properties by year-end. This marks a significant growth from last year, when almost 6,000 units in 27 communities came online.

The biggest project to come online, both in the metro and on the list, was the 695-unit AVA Hollywood at La Pietra Place in East Hollywood. AvalonBay Communities’ mixed-use project also includes 25,000 square feet of retail space and 30 units are designated for affordable housing. Located at 6677 Santa Monica Blvd., the community is less than 7 miles from downtown Los Angeles.

Yardi Matrix covers all multifamily properties of 50-plus units across 133 markets in the United States. This ranking reflects transactions for properties within that sample group.