Irvine-based MBK Rental Living has paid $21.4 million for land in Anaheim to build a 315-unit apartment complex.
The division of MBK Real Estate picked up 5.2 acres at 1600 W. Lincoln Ave., where it plans to build Zia – a five-story complex with studio, one-, two- and three-bedroom units from 600 to 1,900 square feet, the Orange County Business Journal reported.
The land now serves a collection of small car dealerships.
MBK Rental paid nearly $21.4 million, or about $4 million an acre, for the site, property records indicate. Its partner was Japan-based Haseko Corp., for which it has teamed up on two other apartment projects. MBK Real Estate is the U.S. development arm of Mitsui & Co., Ltd. in Tokyo.
Zia is designed by AO Architects, based in Orange, with landscape design by Sitescapes of Costa Mesa. Mark Renard of Cushman & Wakefield brokered the deal.
The upscale project, sheathed in white and gray with rust-colored accents, is expected to open late next year. It will be located off Interstate 5, within two miles of Downtown Anaheim and Disneyland.
“This well-located, highly amenitized community will bring much-needed quality housing to Orange County where only 34 percent of first-time home buyers can afford an entry-level home as of first quarter 20211,” said Craig Jones, president of MBK Rental Living, in a statement. “We anticipate that Zia will attract a wide range of residents seeking convenient commutes to jobs, with some expected to relocate from Los Angeles, coastal Orange County, and other areas of the LA Basin.”
Amenities will include a 4,900-square-foot fitness center on two floors, with a children’s wi-fi area, plus a swimming pool and spa, a grilling area with cabanas, and “Zen courtyards.”
Zia will also feature a game lounge with duckpin bowling, coworking office space with podcast rooms, a walking path with outdoor fitness equipment, a basketball court, as well as a dog park and doggie spa.
In the past 30 years, MBK Rental Living has developed 58 apartment projects of more than 6,000 units and 11 million square feet across the state, according to its website. In addition to the Anaheim project, it has two developments in the works for Duarte and one in Morgan Hill south of Silicon Valley.
[OCBJ] – Dana Bartholomew