The development, on 11 acres on Chino Hills Parkway just south of Carbon Canyon Road, is a project of The MorganGroup Inc., Cornerstone Real Estate Advisors and Bank of America.
It will include 15 buildings of 16 units each, with rents projected to range from $1,200 to $2,000 per month. The apartments will include 90 one-bedroom units, 118 two-bedrooms and 32 three-bedrooms, all wired for high-speed Internet access. Half of the units will feature one-car attached garages.
Other features of the development will include a 4,500-sf clubhouse with a business and computer center, a fitness center, a media/movie room, concierge services, a gourmet coffee bar, a sand volleyball court and a pool with a tree-lined plaza. The complex is scheduled to be completed in March, on a site that the developers assembled from three local landowners.
Louis Kuntz, Morgan Group's West Coast development partner tells GlobeSt.com that the company chose Chino Hills because it considers the city a good spot for luxury apartments for a number of reasons.
"We look at it as a great bedroom community, with very low crime, good schools, and no industry but a lot of nice retail," Kuntz says, adding that the city's "very tight growth constraints" reduce the likelihood of much competition from other apartment projects. He tells GlobeSt.com that Morgan also likes the city's location in San Bernardino County just over the Los Angeles County line, north of Orange County. He says the developers worked for four years to assemble the site.
Architect for the project is Kaufman Meeks + Partners, with Morgan Construction Co. as general contractor and The Morgan Group Inc. as leasing agent and manager. Kuntz says the company's pro forma calls for renting 30 units per month.
Based in Houston and San Diego, Morgan expects to build 2,000 apartment units this year. The company has been focusing of late on infill projects, but Kuntz says the Chino Hills project illustrates that Morgan will also build suburban developments as well.
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