MORGAN, a leader in upscale multifamily development, construction and property management, has started construction on its latest Pearl luxury apartment project in Orange County, California.
To be called Pearl La Floresta, the five-story development is a joint-venture partnership between MORGAN and Mesirow Financial, arranged by Mark Erland of Holliday Fenoglio Fowler, L.P. (HFF). Construction financing is being provided by JPMorgan Chase.
Situated on 2.9 acres at the northeastern corner of Imperial Highway and Valencia in the Orange County community of Brea, Pearl La Floresta is centrally located within the 1,100-home master-planned community of La Floresta. The new Pearl will be adjacent to Regency Center’s new development, Village at La Floresta, which is anchored by Whole Foods Market’s first store in North Orange County. Separately, MORGAN is developing a premier mixed-use project with luxury apartments above a Whole Foods Market in Houston's vibrant Midtown neighborhood.
The La Floresta community will contain 204 one- and two-bedroom units averaging 882 square feet with high-end finishes and upscale amenities, including a state-of-the-art fitness facility, dog wash stations, resort-style pool, 24-hour Cyber Cafe and sky deck. Architects Orange designed the five-story midrise.
“Pearl La Floresta will be MORGAN's first multifamily property in Orange County built to our exacting Pearl brand standards," said Executive Vice President Carter Bechtol. "The combination of the project's quality, nearby employment and retail in a desirable master-planned community will enable the property to attract strong leasing demand, especially given the lack of new multifamily housing in the area."