GLENDALE, CA—MCREF Verdugo LLC, a joint venture sponsored by Mill Creek Residential Trust LLC, has acquired a 67,518-square-foot land parcel for the development of 245 apartment units, according to Lee & Associates-LA North/Ventura Principal Craig Stevens, who represented the buyer and seller in the transaction with Lee Associate Tyler Stevens. The land, at 610 N. Central Ave. in Glendale, sold in an off-market transaction.
“The buyers had several options but they really liked this location and the City of Glendale.” said Craig Stevens. “The block-long parcel allows them to deliver many of the housing units with unobstructed views of the mountains, and they liked the proximity to the Disney campus, the Americana at Brand and the Glendale Galleria.”
This development will be one of the first for Mill Creek Residential (MCR) in Southern California since being spun off from Trammel Crow Residential in 2010. The local team, however, previously developed several properties in Southern California as part of TCR since 1998. MCR is a national privately held residential development company based in Dallas, TX (www.MCRTrust.com) MCR is currently the nation’s most active apartment developer with over 5,000 units under construction. Locally, MCR is developing apartment communities in Irvine and Laguna Niguel and is actively pursuing additional sites throughout Southern California. The Glendale project is one of the first funded through a $400 million equity fund Mill Creek Residential recently established focused on the development of luxury multifamily communities, with an emphasis on new sites in Southern California.