San Francisco-based developer MacFarlane Partners will spend $98 million to develop a pair of Southerncondominium projects. MacFarlane will develop the project in a joint venture with homebuilder Standard Pacific Corp.
One condominium property—North Lake Lofts--will be built in downtown Pasadena. Meanwhile, the other project—Concert park Lofts-- will be built on the west side of Los Angeles.is expected to begin in the coming months, with completion slated for late 2006 or early 2007. "In working with Standard Pacific, we are continuing our strategy of forming relationships with experienced developers to build properties that make a difference for urban communities while providing our clients with high investment returns," says David Dressler, a principal with MacFarlane Partners who oversees the firm’s acquisition/development activities in Southern California.
"These two projects will create much-needed housing without adding to urban and suburban sprawl."
The projects are the first investments in which MacFarlane Partners and Standard Pacific have worked together. Each project will be developed and marketed for sale by a separate joint venture between the two firms. These two projects are MacFarlane Partners’ eighth and ninth property investments in Southern California as part of its joint venture with the California Public Employees’ Retirement System ("CalPERS") to invest in urban-infill properties in major metropolitan areas nationwide. CalPERS is the nation’s largest public pension fund, with assets of $177 billion.