SOURCE: The Picerne Group

The Picerne Group

March 24, 2015 15:00 ET

The Picerne Group, Rockwood Capital and The Muller Company to Build Luxurious 260-Unit Apartment Community in Orange

ELEVEN10 West Expected to Begin Leasing in Summer 2017

ORANGE, CA--(Marketwired - Mar 24, 2015) -  The Picerne Group, in collaboration with Rockwood Capital and The Muller Company, have formed a joint venture on a 2.76-acre site to build ELEVEN10 West, a 260-unit multifamily rental community one-block from the Children's Hospital of Orange County and St. Joseph Hospital Orange, Calif. This new development is expected to open for lease in summer 2017.

"The demand driver behind this well located community in Central Orange County is jobs, jobs, jobs," said the Picerne Group Managing Director, Brad Perozzi. "Three of the top ten hospitals in Orange County are located in close proximity to the project."

A five-story podium building at 1110 Town and Country Road just off Main Street is being designed by TCA Architects. It will include 43 studios, 117 one-bedroom and 100 two-bedroom apartments for a total of 224,293 rentable square feet. With a contemporary architectural style consistent with the objectives of an Urban Mixed-use zone, the community will improve the area with a variety of high quality materials including wood siding, metal awnings, and burnished block. The massing and articulation holds the street edge while complementing the scale of the surrounding uses. 

The ELEVEN10 West community will include more than 500 parking spaces, three interior courtyards, with the massive primary pool courtyard consisting of more than 13,000 square feet including: pool, spa, cabanas and lounging areas, an outdoor entertaining space with gaming, a state-of-the-art indoor/outdoor fitness center, and a catering-style kitchen. Wi-Fi will be available in all common areas, ready for every opportunity to work or play.

ELEVEN10 West was designed to coincide with the City of Orange's General Plan's mixed-use vision created in 2010. Picerne Group is helping to transform an underutilized commercial site into a pedestrian-friendly horizontal mixed-use development with quality housing close to employment. The community is adjacent to a 16-story Class A office building constructed in the late 1980s as part of the first phase of development.

"Picerne cannot begin to thank the City of Orange enough for placing their faith in our firm to execute their vision. We are honored to be doing business in the City of Orange," Perozzi said. 

The community is also near the Westfield MainPlace Mall and Orange Town and Country Shopping Center. Visibility and access are excellent from the 22 freeway, and the 5, 57 and 55 freeways which are all close by. 

According to the National Association of Home Builders' formula to determine the local impact of multifamily housing in typical metro areas, adding 260 rental apartments will generate $8 million in local income, $1.9 million in taxes and other revenue for local governments and 138 local jobs.

About The Picerne Group
The Picerne Group (TPG) is a privately held, Southern California-based real estate investment firm that focuses on real estate investments nationwide, as well as best-in-class asset management. TPG has successfully invested more than $1 billion in real estate equity and debt, diversifying investments across a variety of property types and geographies in the United States. The firm's executive committee members combined have decades of experience in managing complex portfolios of residential and commercial real estate, joint ventures and loans. Additional information is available at www.picernegroup.com.

About Rockwood Capital
Rockwood Capital, LLC is a real estate investment firm that provides equity capital combined with real estate expertise for repositioning, recapitalization, development and redevelopment of retail, hotel, residential, office and research and development space in key markets throughout the United States. Since 1990, Rockwood and its principals have invested on behalf of their clients in approximately $16.1 billion of real estate through nine funds and four separate accounts. Today, Rockwood is an 84-person real estate investment firm with offices in New York, NY, San Francisco, Los Angeles, CA and Seoul, Korea, that manages a portfolio of approximately $2.6 billion of net equity value in approximately $8.1 billion of gross real estate value. Rockwood's investors include public and private pension funds, endowments, foundations, insurance companies, fund of funds, high net worth individuals and family offices. www.rockwoodcap.com

About The Muller Company
Founded in 1979, The Muller Company is a full-service real estate development, management, and investment company headquartered in Irvine, Calif., Muller acquires and manages office, industrial, and retail assets throughout the Western United States. Muller's current portfolio contains 35 assets consisting of over 6.1 million square feet. Muller's office investment total 4.6 million in square feet and comprise nearly 75 percent of the property's square footage. www.themullercompany.com