Behringer Harvard announced today its investment in a luxury multifamily community slated for development in Costa Mesa, Calif., a suburban area one mile from the Pacific coast in the heart of Orange County.
The 2.5-acre development site is on the northwest corner of Bernard Street's intersection with Harbor Boulevard, near the western terminus of California State Route 55.
Behringer Harvard Multifamily REIT I, Inc. has provided equity capital for the construction of a 113-unit apartment community tentatively called Pacific Gateway. The community will consist of a mid-rise residential building adjacent to a four-story parking facility. Construction will begin this month and is expected to be completed in the fourth quarter of 2014.
"Pacific Gateway will be one of the few newly constructed apartment communities in the highly desirable Newport Beach and Costa Mesa submarket of Orange County," said Mr. Mark T. Alfieri , Chief Operating Officer of Behringer Harvard Multifamily REIT I, Inc. "We were attracted to this opportunity to invest in a top-quality asset in an institutional market with favorable demographics and high barriers to entry."
Developed and constructed by affiliates of Fairfield Residential, the community will offer apartment units with up to three bedrooms and two baths averaging 985 square feet each. Units will feature nine-foot ceilings, full-size washers and dryers, and condominium-quality finishes including granite countertops and stainless steel appliances. Common-area amenities will include a luxury swimming pool, an outdoor pavilion with fireplace and a business center.
Pacific Gateway will provide convenient access to major employment centers in or near Costa Mesa, Irvine and Santa Ana via California State Route 55. Residents can enjoy many nearby retail, restaurant and nightlife venues. South Coast Plaza, a 2.7 million-square-foot luxury retail center, is only three miles from the community.
The portfolio of Behringer Harvard Multifamily REIT I, Inc. includes investments in 52 multifamily communities in 14 states comprising 14,374 apartment homes.