MONROVIA, CA-Urban Housing Group of El Segundo, CA has started construction of a new 163-unit apartment and retail project called the Courtyards at Old Town in Old Town Monrovia. The El Segundo-based firm, which is a privately held company specializing in the development of multifamily and mixed-use projects, plans 6,000 sf of retail space at the Courtyards, which was designed by the architecture firm KTGY.
According to Dan Deibel, vice president of development for Urban Housing, the new project will bring access to neighborhood-serving retail space, transportation and employment centers to the infill location. The four-story buildings of the Courtyards will house apartments of one and two bedrooms along with the ground floor retail and commercial space. The complex, financed by HSBC Realty Credit Corp., is scheduled to be completed April 2010.
Common area amenities at the Courtyards will include a pool and a spa, a fitness center, a clubhouse and seven landscaped courtyards. The apartments will be luxury units with interior finishes including granite countertops, maple cabinets, broadband wiring, in-unit laundry and nine-foot ceilings.
Urban Housing has already begun construction on the parking structure for the project and has slated the official groundbreaking for the development on Tuesday. Larry Scott, recently named managing director of Urban Housing Group, points out that the project builds upon Urban Housing’s more than 50 years of multifamily development experience through its parent company, Marcus & Millichap Co.
Urban Housing recently hired Scott, who formerly was with AvalonBay, to the newly created position of managing director as the El Segundo-based firm expands in Southern California. The company said that it is expanding its focus on development of luxury rental communities in supply-constrained submarkets and that Scott will lead the expansion through the procurement of strategically located development sites.