Dave Stolte, director of senior and affordable housing of the Dunn Co.'s Irvine office, tells GlobeSt.com that Kisco plans to begin construction of the project in May and expects to finish building in about nine months. Stolte was part of a Dunn team including Jeff Searcy and Douglas Golden, also of the Irvine office, who represented both Kisco and General Dynamics in the deal. Stolte says the vacant parcel has been owned by General Dynamics for more than 10 years.
The 264 units will be market-rate apartments for tenants 55 years and older, according to Stolte. The property is next to the Arnold Palmer Empire Lakes golf course in Rancho Cucamonga, a traditional stop on the Nationwide Golf Tour, formerly known as the Buy.Com tour.
The complex will feature a mix of one-, two- and three-bedroom units, with monthly rents expected to be $1,000 and up. Stolte notes that this is the first such apartment project for Kisco, which has been a developer and owner of assisted care and continuing care projects until now, but has not previously developed active senior luxury apartments.
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