The development, which will be worth $134 million upon completion, is rising on Carlson Avenue at Campus Drive. It will overlook the adjacent San Joaquin wildlife reserve and campus of the University of California at Irvine.
Designed by Newport Beach-based Kaufman & Meeks Partners, the complex will feature northern European style architecture. It will include two-story, two-bedroom townhomes encompassing 1,450 sf, as well as 620-sf studios and 1,500-sf three-bedroom units. Design plans also call for a two-story, 8,000-sf clubhouse and a 2,500-sf fitness center.
The project's first units, which are being built by Regis Contractors, are scheduled for a January 2003 completion. Bank of America is the lead construction lender in a syndicated loan group that also includes Key Bank and Guaranty Federal Bank. Equity Residential Properties Trust is Sares-Regis' equity partner in the project.
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