Author Archives: ipgocorp

JPI Partners with Grand China Fund to Develop 747-Unit Luxury Apartment Community in Anaheim

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ANAHEIM, CA – JPI, a leader in the development of Class A multi-family housing, announced today that it has partnered with Grand China Fund, a Beijing-based private equity real estate fund, in a $255 million Joint Venture to develop 747 luxury apartment homes and a to-be-dedicated 1.1-acre City park within the Jefferson Stadium Park 17.6-acre master-plotted development in Anaheim’s Platinum Triangle. Jefferson Stadium Park is a prime location within the prestigious Platinum Triangle, directly adjacent to the Los Angeles Angels of Anaheim Ballpark, on the southwest corner of State College Boulevard and Gene Autry Way.

“We are pleased that Jefferson Stadium Park has attracted the attention of the international capital markets and are very excited about our new relationship with Grand China Fund,” said Gus Villalba, JPI Executive Vice President and Managing Regional Partner. “It gives us fantastic confidence that we are building a portfolio of development projects that are resulting in the creation of investment partnerships from broader markets,” he said.

This is the second project for JPI in Anaheim’s Platinum Triangle. Currently under construction is the $180 million Jefferson Platinum Triangle, a 400-unit luxury apartment community located near the intersection of State College Boulevard and Katella Avenue, scheduled for occupancy in late November 2016.

“We are very encouraged to hear that JPI’s Jefferson Stadium Park development has attracted the attention of global investors,” said Anaheim Mayor Tom Tait. “Anaheim’s Platinum Triangle development projects, including JPI’s plotted investment in the neighborhood of approximately $500 million, represent the vision our city has had for Platinum Triangle.”

Residents of both Jefferson Platinum Triangle and Jefferson Stadium Park will have access to Anaheim’s Regional Transportation Intermodal Center (ARTIC), as well as year-round entertainment, including Major League Baseball’s Los Angeles Angels of Anaheim, and the National Hockey League’s Anaheim Ducks. Both communities are just two miles from the Downtown Disney Shopping District, Disneyland and California Adventure theme parks. Also nearby is the public marketplace of the Anaheim Packing District.

JPI’s Western Region is based in San Diego and has developed and/or bought 41 luxury apartment communities throughout California and Arizona totaling over 13,400 homes at an investment of over $2 billion. Recent Arizona activity includes developing 4 luxury apartment communities in metro Phoenix valued at over $300 million.  Jefferson Stadium Park will mark JPI as the largest luxury apartment developer in the area, as it continues to keenly seek out more development sites in the Southern California market.

Grand China Fund offers a safe global real estate investment platform, with a successful and consistent performance history and attractive return on investments through vigorous risk-control systems.  “Grand China Fund seeks out partnerships with such leading real estate developers as JPI. JPI’s Jefferson Stadium Park is a model for the type of developments we target to include in our expanding portfolio,” said David Long, CEO of Grand China Fund. “This investment in Anaheim’s Platinum Triangle, and Jefferson Stadium Park, fits well within Grand China Fund’s investment parameters, and represents one of our latest commitments to developing quality multifamily assets in the US.”

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Slow and steady revitalization efforts in Olde Hampton bearing fruit

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(RECAP: A once proud history in Hampton’s Olde Hampton neighborhood has long been overshadowed by the area’s economic woes, but more than a decade of redevelopment efforts are starting to bear fruit, and officials say the area is finally garnering interest from private developers. The HRHA has been bringing in developers with the dollar lot program — builders can buy an empty lot in Olde Hampton for a dollar to build and sell homes. The city has sold 18 lots around the city, with three more under contract. Another 19 lots are ready for round two of the program. About a dozen of the plots are in Olde Hampton. Thirteen of the 18 lots sold have had houses built on them and been resold. And the HRHA has been acting as its own developer — the 19-unit Patterson Crossing Apartments, expected to open in November, were built by the HRHA on a plot that previously housed two adjacent smaller apartment buildings. Across the street stand three houses the HRHA finished in 2015.)

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The Fed Is Worried About the Rent

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(RECAP: When you reckon of the Fed, you reckon of Janet Yellen, or monetary policy, or the interest rate on your mortgage. Can we interest you in a small affordable housing? Patrick Harker interested us. The president of the Federal Reserve Bank of Philadelphia announced last week the launch of a new research initiative on how poverty affects the economy. The subject, Harker said, is vital from a moral perspective, but also because investments to alleviate poverty can generate returns elsewhere in the economy.)

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