NEWPORT BEACH, CA – BWV W. Katella, a joint venture between Branch West Real Estate Partners of Newport Beach, California and The Bascom Group of Irvine, California, has bought a 1.1-acre parcel of land located at 1725 West Katella Avenue, Orange, California.

The site is entitled and plotted for the development of a five-tale, 94-unit mid-rise multifamily community.  Bellwether’s capital team, led by Tom Kenny and Josh Boehling, secured preferred equity from Marble Capital out of Houston, Texas and a construction senior loan from the Bank of the West for construction of the project. 

The project consists of a to-be-built five tale, 94-unit multi-family development. The project is Class A and features a courtyard with a “spool,” fitness center, club room and roof deck to observe Disneyland fireworks. The design sets itself apart from existing projects by focusing on material choice, combining sophisticated boutique-inspired gestures with a rustic industrial palette. The location is superb, adjacent to the Stadium Promenade and near the Honda Center (Ducks/NHL), Anaheim Stadium (Angels/MLB). 

The site is adjacent to the Stadium Promenade Shopping Center, which includes Cinemark Century Theatres, Starbucks, Bone idle Dog Café, King’s Fish House, Prime Cut Café, The Pint House, Ancient Crow Smokehouse, and several other well loved restaurants. The property is also in walking distance to the Honda Center (Ducks/NHL), Anaheim Stadium (Angels/MLB), and The Grove of Anaheim (entertainment venue). Walkability to retail and entertainment amenities is highly sought after in the marketplace, with very few properties offering this amenity. The property enjoys convenient access to the CA‐57, CA‐55, CA‐22, and I‐5 freeways, all accessed within a few miles of the subject. Further, the Anaheim Regional Transportation Intermodal Center (ARTIC) is located less than 1 mile west and provides rail, bus, taxi and other transportation services for daily commuters. Other nearby notable locations include: Ancient Towne Orange, Chapman University (enrollment approximately 8,500 students), Disneyland Resort area, and Main Place Shopping Center.

“We are so pleased to be working in the City of Orange whose city leaders provided the original vision for the Western Gateway into the city from the professional stadium area, the opportunity has provided us a tremendous canvas to develop a boutique residential community where residents can delight in adjacency to so many retail and entertainment venues,” Perozzi said. 

Branch West’s target market will be well-educated young professionals and couples who work in the nearby job centers, and want proximity to work, social nightlife and services. The immediate North Orange County area is home to the Anaheim Canyon Business District (72,000+ jobs), Anaheim Resort District (40,000+ jobs), and the Orange Medical Cluster (11,750+ jobs) – Orange County’s highest concentration of healthcare jobs. The Platinum Triangle is a booming and trendy location with an abundance of nearby entertainment options and proximity to the Anaheim Resort District. More specifically, the subject benefits from brilliant walkability and ease of access, compared to properties within the Platinum Triangle.

Powered by WPeMatico

SAN MARCOS, TX – City and state officials, along with other community stakeholders, gathered together on April 4 to celebrate the start of Mission Trail at El Camino Real, a groundbreaking new mixed-income housing community being developed by The Michaels Organization. 

Strategically located near the intersection of Highway 123 and Clovis Barker Road in the heart of the Texas Innovation Corridor between Austin and San Antonio, the new apartment community will serve the city’s growing workforce, in an area where rents have been rising steadily over the past 10 years.

“We are grateful for the warm welcome the San Marcos community has given The Michaels Organization and this vital project,” said Joseph Weatherly, Regional Vice President of Development at Michaels. “We thank the city, the state, and all our financial partners and investors for trusting us with their vision for this development, and we look forward to being a part of this community for years to come.”

Designed by Austin-based Kelly Grossman Architects, the new Mission Trail at El Camino Real will comprise 15 garden-style buildings across 30 acres, offering a total of 352 rental apartment homes. Layouts for the spacious and energy-efficient apartments will range from one to four bedrooms, and community amenities will include a large Clubhouse with pool, fitness center and business center. The community’s substantial green space will include gathering places, walking paths, and two playgrounds.

The majority of apartments will be reserved for households earning 60 percent or less of the area median income, while 10 percent of the units will be reserved for individuals and families earning less than 140 percent of the area median income. The community will also offer 35 apartments without any income restrictions.

Mayor Jane Hughson, a featured speaker at the groundbreaking ceremony, noted her Administration’s commitment to affordable housing amid the city’s rapid growth. According to a Workforce Housing needs assessment report, drafted by the city, nearly two-thirds of San Marcos’ renters are currently considered cost-burdened.

Teresa Morales, Manager of the Multifamily Bond Program, at the Texas Department of Housing & Community Affairs (TDHCA) also spoke at the groundbreaking. TDHCA allocated the federal Low Income Housing Tax Credits that were critical to the $61 million development’s financing.

“Thank you to The Michaels Organization for your vision and dedication to take this from an thought on paper to a place someone will be proud to call home,” Ms. Morales said.

Financing for Mission Trail at El Camino Real includes $15.5 million in equity raised through the sale of the tax credits and $43 million in equity raised through the sale of tax-exempt bond financing issued by the Capital Area Housing Finance Corporation. U.S. Bank is providing the construction loan and is also the LIHTC investor. Berkadia is providing permanent financing through Freddie Mac.

Michaels Construction is serving as the general contractor and Michaels Management will provide property management services, ensuring that Mission Trail at El Camino Real remains a neighborhood asset for generations.

Powered by WPeMatico

KANSAS CITY, MO – Cohen-Esrey Development Group, an Overland Park-based housing development firm, announced the kick-off of the conversion of a seven-tale office building in Kansas City, MO into a luxury apartment project.

When complete in early Summer 2020, Midtown Plaza Phase 1 will add 107 luxury 1 and 2-bedroom apartments to the rapidly growing Midtown area. The project owner is Kartel Capital of Beverly Hills, CA. Cohen-Esrey is the project developer and an affiliated company, Construction Technologies, is the general contractor. Construction financing is being provided by Arvest Bank and was arranged by John Perlik and Don Coleman of CBRE|Capstone, Kansas City. Construction is slated to start next week.

Midtown Plaza, Phase 1, is located at 3420 Broadway Blvd. in Kansas City, MO and represents the first phase of a multi-phased project that will eventually include Phase 2 consisting of commercial retail, office space and a rooftop restaurant, Phase 3 additional luxury apartments, and Phase 4 townhomes. Phase 1 will include 107 apartment units consisting of contemporary 1 and 2-bedroom floor plans, an on-site fitness facility, ample parking for all units and an outdoor activity space.

The project is within a few minutes and walking distance to a variety of amenities, such as Metropolitan Community College, retail stores, restaurants, supermarket, hospital/medical facilities, public transits, and local parks. The project’s proximity to Downtown Kansas City, The Country Club Plaza, and Westport will allow residents to easily access all attractions in neighboring cities.

“This project has been a vision of mine over the years,” said Joseph Kashani, CEO of Kartel Capital, “and now it’s finally coming to fruition. We’re excited to start the first phase and are equally excited about the long-term future of all four phases of this project.”

Tom Anderson, Managing Director of Cohen-Esrey Development Group, also expressed enthusiasm about the project: “The Midtown area is the next logical Kansas City neighborhood for multi-family development and this project fills a really vital niche in the market. We’re honored to have been selected by Mr. Kashani to help him develop Midtown Plaza.”

Kashani bought the property in 2008. Plans started to be laid for an apartment conversion in 2016. Kashani and Anderson met soon after. After several iterations, the current plot finally came into clarity and the closing on the construction loan occurred this week, enabling the project to proceed.

“I truly believe that local residents will connect with this project as it will serve the community with quality residential apartments and cutting-edge retail in subsequent phases,” said Kashani. “It’s been a long road but, in about a year, we’ll have our first residents moving in.”

Powered by WPeMatico