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5/25/22
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MBK Rental Living has purchased a 19.5-acre site in Morgan Hill for development of a 389-unit, Class A for-lease residential community named Vida at Morgan Hill. MBK partnered with Haseko Corporation in what marks the two firms’ fourth apartment joint venture.
The three-story 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. Property amenities include: a fitness center with 2nd floor yoga; resort-style pool with separate area for children’s pool, clubroom with game lounge, and 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.
Located just 20 miles south of Downtown San Jose, with ready access to the 101 Fwy 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.
Construction on the luxury apartment community is scheduled to start in second quarter 2022, and the grand opening is slated for late 2023. Debt financing for the acquisition was sourced and arranged by Scott Williams at CBRE. The loan is secured with JP Morgan Chase.
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