Transactions complete phased development project known as Stadium Park located adjacent to Los Angeles Angels of Anaheim Stadium
ANAHEIM, Calif.–(BUSINESS WIRE)–JPI, a leader in the development of Class A multi-family communities, announced today the transition of three assets in Anaheim’s prestigious Platinum Triangle area.
Comprised of 1,079 apartment units in total, the Jefferson Rise and Jefferson Edge properties were acquired, and the completed REVO development transitioned over to the long-term owner, MORE Residential, a Texas-based multifamily investment firm. The transactions conclude a three-phase development project JPI initiated in June 2016 when it received unanimous approval from the Anaheim Mayor and City Council.
JPI partnered with Grand China Fund, a Beijing-based private equity real estate fund, in a joint venture to develop both Jefferson Rise and Edge. REVO was the result of a joint venture between JPI and MORE Residential, the second development-and-pre-sale agreement between the two firms.
“These successful transactions represent a six-year-plus effort by JPI, supported by GCF’s keen insight into the U.S. market and MORE Residential’s expertise in maximizing opportunities to create its best-in-class residential portfolio,” said Patty Bartlett, JPI’s executive vice president and regional managing partner. “We are proud of the results the two partnerships yielded for GCF, MORE, JPI, and the residents of these three top-quality assets.”
Adrian Su, CEO of Grand China Fund, adds, “U.S. multifamily has had a great run over the past year, and these assets were no exception. Our partnership with JPI enabled us to create an extraordinary community in Anaheim, it is a high-growth market where the housing supply hasn’t kept pace with rental demand, we are proud to be part of the solution. We are pleased to work with JPI to continue to build our investment portfolio, to deliver steady, long-term returns for our investors.”
Dubbed Stadium Park, the seventeen-acre area that the three assets call home is directly adjacent to the Los Angeles Angels of Anaheim Ballpark at the southwest corner of State College Boulevard and Gene Autry Way. Residents of this prime location within the Platinum Triangle can access Anaheim’s Regional Transportation Intermodal Center (ARTIC), as well as year-round entertainment, including Major League Baseball’s Los Angeles Angels of Anaheim, and the National Hockey League’s Anaheim Ducks. Additionally, Stadium Park is located one mile from the Downtown Disney Shopping District; Disneyland, and California Adventure theme parks. It is also within ten miles of Anaheim’s top five employers: Disneyland Resort, Kaiser Foundation Hospital, Hilton Anaheim, Cash Call, Inc., Mortgage Division, and Anaheim Memorial Medical Center.
About JPI’s Western Region Division
JPI’s Western Region is based in San Diego, California, and has developed communities throughout California totaling over 16,000 units. JPI’s Western Division also anticipates commencing construction on at least $1.04 billion of new multifamily developments in 2022 and 2023, comprising over 2,169 luxury apartment homes.
JPI is a national developer, builder, and investment manager of Class A multifamily assets across the U.S., with over 5,000 apartment homes under construction. JPI is headquartered in Irving, Texas, and has an office in California. With a 30-year history of successful developments throughout major U.S. markets and an unparalleled depth of industry-specific experience, JPI stands among the most active privately held real estate companies in the country. JPI’s executive leadership team has comprehensive experience in multifamily developments – ranging from low-density garden apartments and mid- to high-density wrap and podium projects to student-living housing projects and mixed-use high-rise developments. The firm offers investment management, predevelopment, underwriting, marketing, and asset management services as well as construction, financial, and administrative services. To learn more about JPI, please visit JPI.com.
About Grand China Fund
Established in 2010, Grand China Fund is a real estate private equity fund manager with approximately RMB 20 billion and USD $1.5 billion of assets under management. The firm leverage institutional-grade processes, strategic planning, capital markets expertise, and exclusive networks to source unique opportunities and provide consistent returns for ultra-high net worth individuals and institutions. In the U.S., the firm has invested in 23 projects, approximately 6,000 residential units in eight cities. To learn more about Grand China Fund, please visit: en.gcfoverseas.com.
About MORE Residential
MORE Residential was formed in 2018 to focus on residential rental investment strategies on behalf of institutional investors and financial institutions. The firm’s professionals are focused on identifying superior investments that meet the everchanging demographic shifts and demand preferences of today’s renters. MORE pursues a variety of investment strategies, including acquisition, development, mezzanine, preferred equity and recapitalization opportunities. Find out MORE at https://www.moreresidential.com/.
Erin Allen, JPI