The partnership between the Navy and the real estate companies has raised more than $260 million. As of Aug. 1, the partnership has taken over management and operations for 2,660 existing military homes and will begin construction of 1,400 new homes.
The initiative should provide sufficient housing for Navy and Marine Corps personnel for the next 50 years, the Navy, Lincoln and Clark note in a joint statement.
Lincoln Property, the nation's third-largest manager of multifamily housing, will handle the asset and property management of the portfolio. Lincoln recently completed Regents Court, a 251-unit luxury apartment community located at Regent and Nobel in the UTC/La Jolla area.
Clark will manage the development, design and construction of the 1,400 new units. Clark is currently in joint ventures in San Diego to build the Padres stadium and to perform a $410-million seismic retrofitting of the Coronado Bridge.
"We look forward to playing a critical role in this unique privatization," says Cleve Johnson, a managing director with Clark. "The planned homes will be on par with the best the private rental market has to offer."
"This partnership is consistent with Lincoln's long-term commitment to luxury housing," adds Reg DelPonte, senior VP and West Coast partner with Lincoln. "The public/private venture program is a true benefit to the military community."
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