GLENDALE, CA—MCREF Verdugo LLC, a joint venture sponsored by Mill Creek Residential Trust LLC, has acquired a 67,518-square-foot land parcel for the development of 245 apartment units here at 610 N. Central Ave.
Mill Creek Residential plans to construct a six-story apartment building with a subterranean parking garage and numerous amenities, including a resort style pool and spa, 24-hour fitness and yoga facility, resident clubroom with kitchen and business center, and two rooftop decks featuring outdoor lounges and views of the nearby Verdugo Mountains.
The unit mix will consist of studio, one, two, and three-bedroom floor plans and features top floor penthouse lofts. Construction is slated to begin in April 2013 and the first units are expected to be delivered in the first quarter of 2015.
Craig Stevens, a principal with Lee & Associates-LA North/Ventura, represented the buyer and seller of the land. “The buyers had several options but they really liked this location and the City of Glendale,” said Stevens in a statement. “The block-long parcel allows them to deliver many of the housing units with unobstructed views of the mountains, and they liked the proximity to the Disney campus, the Americana at Brand and the Glendale Galleria.”
This development will be one of the first for Mill Creek in Southern California since being spun off from Trammel Crow Residential in 2010. The project is also one of the first funded through a $400 million equity fund Mill Creek recently established focused on the development of luxury multifamily communities, with an emphasis on new sites in Southern California. The Dallas-based firm is developing apartment communities in Irvine and Laguna Niguel and is actively pursuing additional sites throughout Southern California.