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2/06/15
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San Diego-based apartment owner Garden Communities of California acquired a 23.77-acre site near the intersection of Campus Dr and Jamboree Rd in Irvine. The acquisition, which consisted of three separate parcels, had an aggregate price tag of over $100 mil.
The first 10.7-acre parcel closed in June 2013, while parcels II and III (approximately 8.9 and 4.2 acres) closed in January 2015. The property will be redeveloped as a mixed-use multifamily development, with approximately 1,600 luxury apartment homes and 10k sf of retail space.
The mixed-use project will be known as “Elements” and will be one of the largest residential projects in the Irvine Business Complex. The community will have a wide array of luxury amenities including a bowling alley, fine dining, a rooftop swimming pool and fitness center. Development of phase I of the site is expected to begin in May 2015 and construction should be completed by late 2017.
Ray Eldridge and Michelle Jefcoat with CBRE represented the buyer. All three parcels were sold by a partnership between Irvine-based real estate investor and developer Greenlaw Partners and an affiliate of Boston-based Guggenheim Real Estate LLC.
“Multifamily construction of this scale and quality is a strong endorsement of Orange County’s vibrant economy,” says Ray Eldridge, lead broker in the land transaction. “The development of Irvine Technology Center will add a new elegance to the development occurring in and around the John Wayne Airport area.”
The location currently holds the Jamboree Promenade shopping center: seven low-rise offices and retail buildings, including Office Depot. Plans include razing the buildings to construct the luxury apartment homes.
Garden Communities is owned by the Wilf family, whose affiliated companies reportedly own more than 90,000 apartment units and numerous commercial properties across the country. Garden Communities is currently developing another Irvine multifamily community near Main S. and Jamboree Rd called Metropolis, which will feature 457 luxury apartment homes and an array of high-end amenities. Metropolis is expected to be complete in mid-2016.
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