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ANAHEIM, CA—As GlobeSt.com reported last week, the local office of JPI/TDI Companies has acquired 7.64 acres of prime real estate in the Platinum Triangle in Anaheim, with plans to build a $119 million luxury residential development. We caught up with Gus Villalba, regional managing partner for JPI/TDI, to discuss the impetus for the project and trends in the multifamily arena.

GlobeSt.com: What was the impetus for this development in this particular market?

Villalba: JPI has been looking at the Platinum Triangle since 2006. We think now is a great time to be breaking ground there. Our strategy has always been to develop on the front end of the development curve and getting there at the right time. With the recent trades and the new Chinatown across from Disneyland, it's a pretty exciting area. We think we're getting in on the ground floor hear. We love Anaheim as it competes with Irvine, Newport Beach and Santa Ana and it has great highway access to the rest of Orange County, L.A. and the Inland Empire. With the new transit station and job growth in Orange County, we're excited about everything going on here. The proposed rapid-car street system is great icing on the cake if it shows up.

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GlobeSt.com: What are multifamily residents in this market looking for in an apartment building?

Villalba: Before the great recession, there were two types of projects built there. Half were built-for-sale projects with nice interior amenities, but not so heavy on the community amenities. On the for-rent side of the ledger, there were good common amenities, but not so much on the interiors. For this project, we are planning on leading-edge interior amenities as well as community amenities, including a full array of concierge services. We want it to be a community that will make a difference in residents' lives and it will be through the CARES program via Apartment Life. We're particularly excited about the rooftop deck that will give residents a view of Disneyland's nightly fireworks.

GlobeSt.com: How does the Platinum Triangle—and Orange County as a whole—compared to other markets around the country with regard to the ease or difficulty of multifamily development?

Villalba: The City of Anaheim has been great to work with. Since our experience has been limited to seeking approval, it's been somewhat limited vs. the full entitlement process. But we've noticed that the City is willing to work with other owners in the Platinum Triangle to help them achieve their objectives. The City seems to be very reasonable to our peers.

GlobeSt.com: In which other markets are you seeking to develop multifamily?

Villalba: In addition to Southern California, JPI is actively pursuing development opportunities in most of the major metro areas of Texas, where we're headquartered; Boston; New York; Denver; and Phoenix. That's where our focus is.