Amstar Sells Stake in Prime Orange County Multifamily Development Site to Archstone
Amstar/ Red Oak Partnership Completes Successful Urban Infill Repositioning
HUNTINGTON BEACH, CALIF. (June 28, 2011) –Amstar announced today the sale of its stake in College Country, a fully entitled, four-acre multifamily development site near Bella Terra Mall in Huntington Beach, California. A joint venture between Archstone apartments and Red Oak Investments purchased the site and expects to commence construction in 2012. The purchase price was not disclosed.
Amstar, in partnership with Irvine-based Red Oak Investments, purchased the existing 60,000-square-foot office/retail center in 2007 and subsequently secured zoning and entitlements for a luxury apartment development with 385 units and 10,000 square feet of ground-floor retail. The site is one of three projects near Bella Terra Mall that is slated for residential and mixed-use redevelopment around the open-air lifestyle center.
Amstar Executive Director Scott Gibler cited an aggressive capital market environment for core apartment sites and the completion of a successful repositioning business plan as the reasons for selling the site at this time. He also commented, “Amstar has valued its strong partnership with Red Oak Investments during the past five years and is very pleased to see that Red Oak and Archstone are partnering to continue this exciting urban infill redevelopment in what is unquestionably one of the premier sites in Orange County.”
Located along Center Avenue and Gothard St., the property is five blocks from the 405 Freeway, adjacent to the 14,000-student Golden West College, and within 10 miles of Orange County’s core employment markets. According to Red Oak partner Alex Wong, “this site has all of the attributes that you look for in a multifamily development like walkable amenities, proximity to employment centers and limited product supply, not to mention a very desirable Huntington Beach address.”
Archstone Chief Development Officer Neil Brown added: "We're excited to be back in the business of developing well-appointed, urban infill communities in Orange County and we look forward to working with Red Oak to add value to one of the nation's most appealing neighborhoods in the heart of Huntington Beach."
Mark Renard of Cushman and Wakefield represented the seller in this transaction.
Established in 1987, Amstar is a real estate investment manager that offers both commingled funds and tailored separate accounts to its international and domestic clients. With more than $1.5 billion of assets under management, Amstar’s current portfolio consists primarily of office, hospitality, and multifamily holdings within the major markets of the United States and select markets in Europe and Latin America. For more information on Amstar, go to www.amstar.com or contact Amstar Executive Director Rob Toomey at firstname.lastname@example.org.
About Red Oak Investments
Red Oak Investments is an urban real estate development company working in Los Angeles and Orange County, California. Projects include apartments, condos, mixed use, and conversions. www.redoakinv.com
Archstone is a recognized leader in apartment investment and operations. The company's portfolio is concentrated in many of the most desirable neighborhoods in and around Washington, D.C., Los Angeles, San Diego, San Francisco, New York, Seattle and Boston. Archstone strives to provide great apartment rentals and great service to its customers—backed by service guarantees. As of March 31, 2011, the company owned or had an ownership position in 428 communities located in the United States and Europe, representing 76,891 units, including units under construction. Utilizing this tremendous amount of expertise and institutional knowledge, Archstone now also offers comprehensive advisory services to owners and lenders who want to maximize the value of their assets through Archstone Real Estate Advisory Services.