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2/04/15
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Mill Creek Residential Trust LLC has secured joint venture equity for the development of The Village at Howard Hughes, a 375-unit, Class A multi-housing development within the mixed-use Howard Hughes Center campus in the Westchester area of West Los Angeles. Equity proceeds were used to purchase the land in December, as well as to fund pre-development, with vertical construction expected summer/fall 2015.
The Village at Howard Hughes will be a Class, A multi-housing development located on 2.91 acres at 5901 Center Dr within the Howard Hughes Center, a 70-acre, urban campus with 1.5 msf of Class A office, retail and entertainment space just off the 405 Fwy in west Los Angeles. The project will consist of three six-story, modified Type III, wood-frame buildings with five levels of residential units and one level of at-grade parking situated above additional subterranean parking.
Community features will include amenities programmed in three spacious courtyard areas and a rooftop entertainment deck, and units will have green living features and related technology fitting for the submarket. Completion of the project is expected in 2018.
An HFF equity placement team led by director Mark Erland and co-head of HFF’s multi-housing investment sales group Sean Deasy, along with real estate analysts Lee Redmond and Sebastian Trujillo, worked on behalf of the developer, Mill Creek Residential Trust LLC, in sourcing the capital from an institutional investor.
“The Village at Howard Hughes is located in a true live-work-play location within walking distance to The Promenade at Howard Hughes entertainment retail center and Class A office space within the Howard Hughes master plan,” Erland said. “Adding to its appeal, the project serves as a gateway to Playa Vista and Silicon Beach, and will offer tenants access to unrivaled amenities through a unique layout with four community areas and convenient parking afforded by the property’s podium design.”
Mill Creek Residential Trust LLC is a national multifamily company focused on the development, acquisition and operation of apartment communities in targeted markets nationwide. Currently, the company’s portfolio comprises 29 communities representing nearly 13,000 apartment homes that are operating, under construction or in planning.
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