BREA, CA—Construction has begun on a luxury apartment project to be called Pearl La Floresta, in the La Floresta planned community in North Orange County.
The five-story development is a joint-venture partnership between Houston-based developer/property manager Morgan and Mesirow Financial, arranged by Mark Erland of Holliday Fenoglio Fowler, (HFF). Construction financing is being provided by JPMorgan Chase. It is the latest project devleoped under Morgan's Pearl brand.
Situated on 2.9 acres at the northeastern corner of Imperial Highway and Valencia, Pearl La Floresta is centrally located within the 1,100-home master-planned community of La Floresta. The new Pearl will be adjacent to Regency Center's new development, Village at La Floresta, which is anchored by Whole Foods Market's first store in North Orange. Separately, Morgan is developing a premier mixed-use project with luxury apartments above a Whole Foods Market in Houston's vibrant Midtown neighborhood.
The La Floresta community will contain 204 one- and two-bedroom units averaging 882 square feet with high-end finishes and upscale amenities, including a state-of-the-art fitness facility, dog wash stations, resort-style pool, 24-hour cyber cafe and sky deck. Architects Orange designed the five-story midrise.
"Pearl La Floresta will be Morgan's first multifamily property in Orange County built to our exacting Pearl brand standards," said executive vice president Carter Bechtol. "The combination of the project's quality, nearby employment and retail in a desirable master-planned community will enable the property to attract strong leasing demand, especially given the lack of new multifamily housing in the area."
Morgan is a privately-held national developer and manager of class A multifamily properties. With headquarters in Houston, Morgan specializes in upscale urban construction and third-party property management across the United States. Since 1988, the firm has developed 16,000 units at a cost of $2 billion with a $900 million project pipeline currently in development or under construction.
Headquartered in Chicago, Mesirow Financial is a specialist investment, risk management and advisory firm committed to helping its global institutional clients achieve their objectives.
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