Construction Starts on Three MF Communities

COSTA MESA, CA-Mill Creek Residential has broken ground on three multifamily communities in Glendale, Laguna Niguel and Irvine. When built, the communities will add new 713 luxury apartments to Southern California.

Kelvin Apartments at Irvine Business Complex in Irvine will contain 194 apartments in the 2,800-acre business park. The one- and two-bedroom apartments and penthouses will be housed in a five-level structure that includes resort-like amenities, courtyards and a dramatic two-story lobby. Delivery is expected in 2014.

Crown Valley in Laguna Niguel is the first new apartment development in South Orange County since 2005. The complex will contain 284 condo-inspired one-, two- and three-bedroom apartments and penthouses and resort-themed amenities. Initial apartments are expected to be completed in 2015.

Nexus on Central in Glendale is the first community to be funded via a new $400-million fund Mill Creek established to develop luxury apartment construction on infill sites across the country. The complex will offer 235 studio, one-, two- and three-bedroom apartments and penthouses in a six-story mid-rise with subterranean parking and hotel-inspired amenities. The complex's first apartments are expected to deliver in the first quarter of 2015.

According to Michael Genthe, managing director for Mill Creek Residential, “There continues to be a growing demand for quality rental housing in Southern California, and we are pleased to deliver some of the newest rental options in highly desirable apartment markets. Our focus on prime locations in supply-constrained markets provides our residents with easy access to key employers, shopping and entertainment districts.” Genthe added in a prepared statement that the firm is actively seeking more Southern California sites in which to develop quality rental housing.

As GlobeSt.com reported in April, Mill Creek Residential and AEW Capital Management L.P. have acquired Archstone Belltown, a 360-unit, 18-story high-rise situated in Seattle's Belltown neighborhood. The seller was Equity Residential. The community's name has changed to Skye at Belltown. AEW acquired the property on behalf of one of its institutional clients.