(Save the dates: RealShare Apartments East comes to the Hyatt Regency in Miami, FL, on February 26, and RealShare Los Angeles comes to the Hyatt Regency Century Plaza in Los Angeles, CA, on March 27.)
IRVINE, CA-Developer Irvine Pacific held a grand opening this past Saturday, January 26, at Cambria, its latest residential neighborhood in Irvine Village of Stonegate, an area in the developer's master-planned community Villages of Irvine here. Cambria contains spacious townhomes geared toward first-time homebuyers.
The latest of Irvine Pacific's research-driven homes, Cambria offers open entertainment areas, flexible rooms, bigger kitchens and more-functional indoor/outdoor living spaces. Larger bedrooms and bathtubs, wider hallways, big kitchen islands, build-in desks, large windows, crown molding and coffered ceilings are among each unit's features.
“Cambria provides first-time homebuyers and young families with a great opportunity to enjoy the unique lifestyle found in the Village of Stonegate,” said Tom Veal, VP of residential sales and marketing for Irvine Pacific, in a prepared statement. “Attractive home prices and historically low interest rates, combined with open floorplans that emphasize casual living and indoor-outdoor entertaining make Cambria very attractive to young professionals looking to own a home and eager to live in a master-planned community with world-class schools, safe neighborhoods and abundant amenities.”
Builders of homes for first-time buyers may be looking to capture those who are ready for “the next phase” after apartment living, but the multifamily sector certainly isn't suffering. At the National Multi-Housing Council's Apartment Strategies Conference held in Palm Springs, CA, last week, which GlobeSt.com attended and reported on, 832,000 more people moved into apts. in 2011 than in 2010, indicating that multifamily is still going strong even as we move away from the Great Recession.
In addition, the multifamily sector is doing its part to capture the young professionals demographic by developing smaller, functional apartment units that emphasize affordability and modern conveniences for tech-savvy professionals just starting out in the business world.
Do home-builders and multifamily developers in your area seem to be competing with one another, or are there offerings complementary to each other? Give us your opinion in the box below.
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Carrie Rossenfeld
Carrie Rossenfeld is a reporter for the San Diego and Orange County markets on GlobeSt.com and a contributor to Real Estate Forum. She was a trade-magazine and newsletter editor in New York City before moving to Southern California to become a freelance writer and editor for magazines, books and websites. Rossenfeld has written extensively on topics including commercial real estate, running a medical practice, intellectual-property licensing and giftware. She has edited books about profiting from real estate and has ghostwritten a book about starting a home-based business.
