IRVINE, CA—San Diego-based Garden Communities of California has invested more than $100 million to acquire a 23.77-acre site with plans for a mixed-used redevelopment including 1,600 luxury apartments and 10,000 square feet of retail space.
Ray Eldridge and Michelle Jefcoat of CBRE represented the buyer in arranging the acquisition in three parcels, some of them occupied with existing retail buildings. The property is located near the intersection of Campus Drive and Jamboree Road in Irvine.
The mixed-use project will be known as Elements and will be one of the largest residential projects in the Irvine Tech Center. The community will have a wide array of luxury amenities including a bowling alley, fine dining, a rooftop swimming pool and fitness center. Development of phase I of the site is expected to begin in May 2015 and construction should be completed by late 2017.
“Multifamily construction of this scale and quality is a strong endorsement of Orange County's vibrant economy,” says Ray Eldridge, lead broker in the land transaction. “The development of Irvine Technology Center will add a new elegance to the development occurring in and around the John Wayne Airport area.”
All three parcels were sold by a partnership between Irvine-based real estate investor and developer Greenlaw Partners and an affiliate of Boston-based Guggenheim Real Estate LLC.
The location currently holds the Jamboree Promenade shopping center: seven low-rise offices and retail buildings, including Office Depot. Plans include razing the buildings to construct the luxury apartment homes.
Garden Communities is owned by the Wilf family, whose affiliated companies reportedly own more than 90,000 apartment units and numerous commercial properties across the country. Garden Communities is currently developing another Irvine multifamily community near Main St. and Jamboree Road called Metropolis, which will feature 457 luxury apartment homes and an array of high-end amenities. Metropolis is expected to be complete in mid-2016.
The first 10.7 acre parcel closed in June 2013 and parcels II and III (approximately 8.9 and 4.2 acres) closed in January 2015.
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David Phillips
David Phillips is a Chicago-based freelance writer and consultant with more than 20 years experience in business and community news. He also has extensive reporting experience in the food manufacturing industry for national trade publications.
