LOS ANGELES—The Howard Hughes Center has secured joint venture equity for the development of a 375-unit multifamily complex called the Village at Howard Hughes. The class-A development is located within the Howard Hughes Center, a 70-acre mixed-use campus with 1.5 million square feet of office, retail and entertainment space. The value of the joint venture equity and the cost of the development were not disclosed.

Sitting on 2.91 acres, the project will feature three six-story buildings with ground floor parking, and rich amenities, including three courtyards, a rooftop deck and green living features. Additionally, the property is located in a prime submarket near Playa Vista and Silicon Beach, and close to the 405 freeway. It is scheduled to break ground in the fall of this year with completion expected in 2018.

The proceeds from the equity placement were used to purchase the land in December, and will be used to fund the predevelopment and development. Mill Creek Residential Trust LLC is the equity partner. The company specializes in the development, acquisition and operation of apartment communities throughout the nation. The company currently owns 29 communities with a total of 13,000 apartment homes.

Mark Erland, HFF director, Sean Deasy, the co-head of HFF's multi-housing investment sales group, and real estate analysts Lee Redmond and Sebastian Trujillo represented the developer in the agreement. They declined to comment on the agreement.