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Class-A Residential Community Will Meet Demand for High-Quality Rental Product in Market

(SACRAMENTO) – Hines, a global real estate investment, development, and property manager, and MBK Rental Living today announced plans for Natomas Fountains, a 303-unit luxury apartment development that will consist of six, three-story buildings located in a transit-oriented, highly amenitized suburban location within five miles of downtown Sacramento. The project is slated for completion in 2026.

The development will be designed with best-in-market finishes and floorplans will include studio, one-bedroom, and two-bedroom offerings ranging from 540 to 1,185 square feet. Featuring a fully integrated residential experience, future residents will have access to an array of market-leading amenities including a resort-style pool, a contemporary co-working space, a fitness center, a dog park, and a multipurpose simulator space. The development is designed by BSB Design with interiors by Carnegis Group.

“Natomas Fountains stands out due to its unique location in a rapidly growing area, with easy access to meaningful surrounding amenities and superb access to other parts of the city,” said Manuel Soto, Director and City Head of the Sacramento office of Hines. “The development will meet the demand for high-quality living options in Sacramento and we are confident the project will not only enhance the lifestyle of future residents but also enrich the existing community.”

“Natomas Fountains is certain to be a vanguard luxury living offering in suburban Sacramento and we’re proud to strengthen our partnership and elevate the resident experience alongside Hines,” stated Ken McCarren, President of MBK Rental Living. “At MBK, our mission is to provide residents with exemplary living environments that align with the dynamic pace of modern life. Through this collaboration, we’re creating a community where residents can flourish in a seamlessly integrated environment.”

Situated on a 10.6-acre parcel at the intersection of Truxel Road and Gateway Park Boulevard, Natomas Fountains will provide convenient access to Natomas’ extensive shopping, dining, and entertainment options. The vibrant and growing neighborhood is known for its family-friendly atmosphere, excellent schools, and convenient location in the northern part of Sacramento. It is conveniently located near I-80 and other major highways.

“We’re excited for Hines’ continued growth in North Natomas and welcome MBK Rental Living, enhancing our beautiful diverse community. This development, within walking distance of retail, restaurants, and multiple bus stops, connects residents to Sacramento’s amenities,” said Mayor Pro Tem Karina Talamantes.

Hines has been active in the Sacramento market for 22 years, most recently with the completion of the Centene Campus in 2020.

About Hines

Hines is a global real estate investment, development and property manager. The firm was founded by Gerald D. Hines in 1957 and now operates in 30 countries. We manage a $94.6B¹ portfolio of high-performing assets across residential, logistics, retail, office, and mixed-use strategies. Our local teams serve 790 properties totaling over 269 million square feet globally. We are committed to a net zero carbon target by 2040 without buying offsets. To learn more about Hines, visit www.hines.com and follow @Hines on social media.

¹Includes both the global Hines organization as well as RIA AUM as of June 30, 2023.

About MBK Rental Living

MBK Rental Living is active in the acquisition and development of apartment communities. The company’s mission is to be the preeminent lifestyle developer focusing on creating communities that deliver value for their residents, partners, and investors. Throughout its 30-year history, MBK has earned a reputation for delivering award-winning customer satisfaction in housing that is innovative in design, comfort, sustainability, and craftsmanship, all at an excellent value. MBK Rental Living is a division of MBK Real Estate LLC., the U.S. real estate development arm of Mitsui & Co., Ltd., one of the world’s largest corporations. MBK Real Estate’s companies span a wide spectrum of real estate development including apartments, industrial, and their senior housing divisions. Corporate offices are located at 4 Park Plaza Suite 1700, Irvine, CA 92614; or visit their website at www.MBKRentalLiving.com

December 4, 2023

The 318-unit, luxury garden-style property offers next-level amenities and signature  design elements in a growing rental housing market 

IRVINE, Calif. (December 5, 2023) – MBK Rental Living has successfully executed the sale of Azure, a 318-unit, luxury garden-style apartment community in Santa Maria, Calif. The sale represents the highest price per unit in Santa Maria for properties with more than 10 units.

Developed by MBK Rental Living and opened in September 2020, the luxury apartment community consists of 318 studio, one-, two-, and three-bedroom residences ranging in size from 406 square feet to 1,211 square feet. Residents enjoy open floor plans with vaulted ceilings, wood-style flooring, wall-controlled ceiling fans, gas ranges, stainless-steel appliances, quartz countertops, closets with built-in shelves, covered patios with storage rooms, and more. Shared amenities include a modern farmhouse-style clubhouse with an entertainment kitchen, two resort-style swimming pools surrounded by cabanas and a firepit, two spas, traditional and Santa Maria-style barbeque grills, a 24-hour fitness center, futsal sports court, Tesla charging stations, two playgrounds, dog park and pet spa, business center, and more.

Located on approximately 14 acres at 703 E. Meehan Street, Azure is surrounded by nearby shopping including the Enos Ranch shopping center, Costco, Lowe’s, Best Buy, Kohl’s, Target, Trader Joe’s, Walmart and Office Depot. Dining options in close proximity include In-N-Out Burger, Buffalo Wild Wings, and many popular restaurants serving famous Santa Maria-style barbecue. Residents also benefit from quick access to U.S. Route 101 leading to Santa Barbara, San Luis Obispo, Los Padres National Forest, Solvang, Los Olivos, 14 different wineries, and nearby beaches.

“We are grateful for the opportunity to have developed and leased up Azure in a market with growing demand for move-up rental housing,” said Ken McCarren, President of MBK Rental Living. “With the Santa Maria rental inventory shrinking as previously rented properties are sold to new homebuyers, high-quality apartments like Azure are in high demand. We are pleased to have completed this transaction and to know that Azure will continue to provide a valuable rental option for the community.”

Kevin Green, Joseph Grabiec, and Greg Harris of Institutional Property Advisors (IPA), a division of Marcus & Millichap (NYSE: MMI), brokered the sale on behalf of MBK.

“Within a rapidly changing capital markets environment, our ability to source a noncontingent buyer de-risked the transaction significantly and the resulting outcome was mutually beneficial to all parties,” said Kevin Green, Executive Managing Director of IPA.

About MBK Rental Living
MBK Rental Living is active in the acquisition and development of apartment communities. The company’s mission is to be the preeminent lifestyle developer focusing on creating communities that deliver value for their residents, partners, and investors. Throughout its 30-year history, MBK has earned a reputation for delivering award-winning customer satisfaction in housing that is innovative in design, comfort, sustainability, and craftsmanship, all at an excellent value. MBK Rental Living is a division of MBK Real Estate LLC., the U.S. real estate development arm of Mitsui & Co., Ltd., one of the world’s largest corporations. MBK Real Estate’s companies span a wide spectrum of real estate development including apartments, industrial, and their senior housing divisions. MBK Rental Living is headquartered in Irvine, California. Corporate offices are located at 4 Park Plaza Suite 1700, Irvine, CA 92614; or visit their website at www.MBKRentalLiving.com.

About Institutional Property Advisors (IPA)

Institutional Property Advisors (IPA) is a division of Marcus & Millichap (NYSE: MMI), a leading commercial real estate services firm in North America. IPA’s combination of real estate investment and capital markets expertise, industry-leading technology, and acclaimed research offers customized solutions for the acquisition, disposition, and financing of institutional properties and portfolios. For more information, please visit www.institutionalpropertyadvisors.com.

2023 Commercial Real Estate Awards: Multi-Family Property
Esperanza at Duarte Station Wins Silver Award
1700 Business Center Dr., Duarte

Palisades at Sierra Del Oro brings an amenity-rich community to Corona, redefining apartment living and fulfilling a high demand

CORONA, Calif. (March 30, 2015) – MBK Rental Living announced today the grand opening of Palisades at Sierra Del Oro, a collection of 288 for-lease luxury apartments in Corona, Calif. Centrally located in Riverside County at 2300 Palisades Drive, this gated community offers a collection of resort-inspired amenities that appeal to a demographic looking for a sophisticated lifestyle outside of the typical urban centers. With very little new apartments available in the area, Palisades at Sierra Del Oro fulfills a high demand for quality rental housing. Leasing is currently underway, with one model residence available for touring daily.

“It has been a long time since Corona has seen new construction for apartments and there is pent up demand for this type of high-quality community in the area,” said Rick Fletcher, Vice President, Sales and Marketing for MBK. “Given our experience in the new, for-sale home market, we are in a unique position to create a high-end product tailored to fit its surroundings and its renters. This community raises the housing bar in Corona and is appealing to a strong demographic of young professionals and families who are drawn to the convenience of rental living in Southern California.”

Redefining what rental housing means for Corona, residences at Palisades at Sierra Del Oro are complete with for-sale quality finishes and amenities including expansive 9-foot ceilings and open concept living areas. The community features six floor plan choices including one-, two- and three-bedroom options with one- and two-bathrooms, ranging in size from 842 to 1,410 square feet. Homes include personal balconies or patios, air conditioning, accent color walls, paneled doors, full-size washers and dryers, upgraded wood-style flooring and flat panel TV connects in living rooms. Kitchens include complete stainless steel appliance packages, granite countertops, modern shaker-style cabinetry and USB charging ports.

Palisades at Sierra Del Oro boasts Spanish Revival style architecture by Orange-based Architects Orange, with lush landscaped grounds by Costa Mesa-based Sitescapes, Inc. A variety of community amenities include a resort-inspired pool and spa, community gathering areas and barbeques, outdoor lounge with fireplace, a state-of-the-art fitness center and a tot lot and playground for children and families. Additional amenities include a conference room, clubhouse with television and full kitchen, Wi-Fi access in common areas, and a convenient package delivery system. Private garage spaces or assigned covered parking are available for each unit. Palisades at Sierra del Oro is also a pet-friendly, controlled access community with professional on-site management by Alliance Property Management.

The city of Corona is home to the Corona-Norco Unified School District, which is also the largest employer in Corona. The area also includes other prominent employers such as Corona Regional Medical Center, Kaiser Permanente, Fender, and Watson Pharmaceuticals. Palisades at Sierra del Oro provides excellent access to California State Route 91 and Interstate 15 to reach a variety of Southern California destinations throughout Orange County and Los Angeles, and is located only one freeway exit away from Orange County. Residents at Palisades at Sierra del Oro are situated close to the high-ranking Prado View Elementary School.

Rental rates range from approximately $1,525 – $2,375 per month, and occupancy began in March 2015. For more information about the community please visit www.palisadesapartmenthomes.com.

Palisades at Sierra Del Oro is the second project for MBK Rental Living, a division of veteran builder MBK Homes, which debuted in 2014 with Ocean Air, a high-end, for-lease townhome community in Torrey Hills, Calif.

About MBK Rental Living

MBK Rental Living is the new division of MBK Homes, which is active in the development of rental and for‐sale single‐ and multi‐family housing communities, apartment property acquisition, and distressed asset renovation. Through its various housing solutions, MBK Homes’ mission is to provide top quality shelter to residents in California. Throughout its nearly 20 years, MBK Homes has earned a reputation for delivering award winning customer satisfaction in housing that is innovative in design, comfort, sustainability and craftsmanship, all at an excellent value.

MBK Homes is a division of MBK Real Estate Ltd., the U.S. real estate development arm of Mitsui & Co., Ltd., one of the world’s largest corporations. MBK Real Estate’s companies span a wide spectrum of real estate development, including homebuilding, retail and senior housing divisions.

MBK Homes is headquartered in Irvine, California. Corporate offices are located at 4 Park Plaza Suite 1000, Irvine, CA 92614; phone (949) 789‐8300; fax (949) 789‐9300; or visit the website at www.mbkhomes.com.

The collection of 288 for-lease apartments fulfill a demand for high-quality rental homes that offer an unparalleled level of lifestyle amenities

CORONA, CA – (NOVEMBER21, 2014) MBK Rental Living, a division of veteran homebuilder MBK Homes,announced today that construction is underway at Palisades at Sierra Del Oro, a new collection of 288 for-lease homes in Corona, Calif.Fulfilling a high demand for rental housing in this centrally located area of Riverside County, the gated community will have a complete offering of resort-inspired amenities that appeal to a demographic looking for a sophisticated place to live outside of the typical urban centers.

“The housing industry is seeing a growing demand for multi-family homes across the country this year, and we are uniquely positioned to offer renters a high quality product given our experience in building new, for-sale homes,” said Rick Fletcher, Vice President of Sales and Marketing for MBK. “Palisades at Sierra Del Oro offers a broad list of amenities. This coupled with our partnership with an experienced property management firm like Alliance Residential, raises the bar on apartment homes in Corona that will appeal to both young professionals and families looking for a central location in a strong school district.”

Complete with for-sale quality finishes and amenities including expansive 9-foot ceilings and open concept living areas, residences at Palisades at Sierra Del Oro are the only new for-lease apartments of their kind in Corona.The community will feature six floor plan choices including one, two and three-bedroom options with one and two-bathrooms, ranging in size from 842 to 1,410 square feet.Homes will have personal balconies or patios, air conditioning, accent color walls, paneled doors, full-size washers and dryers and upgraded wood-style flooring. Kitchens will include stainless steel appliances, granite or E-stone countertops, modern shaker-style cabinetry and USB charging ports.

The community boasts Spanish Revival style architecture by Architects Orange, with lush, landscaped grounds by Sitescapes, Inc. A variety of amenities at Palisades at Sierra del Oro are slated to include anoutdoor pool and spa, outdoor community gathering areas, barbeques, outdoor fireplace, a fitness center, and a playground for children and families. Additional amenities will include a business center, clubhouse with television and full kitchen, and WiFi access in common areas. Private garage spaces or assigned covered parking will be available for each unit.Palisades at Sierra del Oro will be complete with professional on-site management including a convenient package delivery system.
The city of Coronais home to the Corona-Norco Unified School District, which is also the largest employer in Corona. The area also includes other prominent employers such as Corona Regional Medical Center, Kaiser Permanente, Fender, and Watson Pharmaceuticals. Palisades at Sierra del Oro provides convenient access to California State Route 91 and Interstate 15 to reach a variety of Southern California destinations throughout Orange County and Los Angeles, and is located only one freeway exit away from Orange County.Residents at Palisades at Sierra del Oro will be situated close to thehigh-ranking Prado View Elementary School.
Rental rates will begin at approximately $1,500 – $1,600 per month, and occupancy is anticipated for Spring 2015. For more information about the community please visit www.palisadesapartmenthomes.com.
Palisades at Sierra Del Oro marks the second rental community for MBK Rental Living. Their first rental community, Ocean Air, in Torrey Hills, Calif., began leasing in August 2014.

About MBK Rental Living

MBK Rental Living is the newest division of MBK Homes, which is active in the development of rental and for‐sale single‐ and multi‐family housing communities, apartment property acquisition, and distressed asset renovation. Through its various housing solutions, MBK Homes’ mission is to provide top quality shelter to residents in California. Throughout its nearly 20 years, MBK Homes has earned a reputation for delivering award winning customer satisfaction in housing that is innovative in design, comfort, sustainability and craftsmanship, all at an excellent value.

MBK Homes is a division of MBK Real Estate Ltd., the U.S. real estate development arm of Mitsui & Co., Ltd., one of the world’s largest corporations. MBK Real Estate’s companies span a wide spectrum of real estate development, including homebuilding, retail and senior housing divisions.
MBK Homes is headquartered in Irvine, California. Corporate offices are located at 4 Park Plaza Suite 1000, Irvine, CA 92614; phone (949) 789‐8300; fax (949) 789‐9300; or visit the website at www.mbkhomes.com.

This luxurious collection of 100 for-lease units marks the first project of MBK Homes’ new apartment division

SAN DIEGO, Calif. (June 16, 2014) – MBK Rental Living has kicked off construction on Ocean Air Apartment Homes at Torrey Hills, a high-end collection of 100 for-lease townhomes and flats in San Diego, Calif. This intimate community is rising on a 4.6-acre parcel that blends well with the beautiful surroundings of the prestigious neighborhood of Torrey Hills, in which it is located. Ocean Air is the first project of MBK Rental Living, a newly launched division of veteran builder MBK Homes.

“With decades of experience building top quality homes for residents in various California markets, we are thrilled to be building in San Diego and expanding our business with the first of many rental communities to come,” said Rick Fletcher, Vice President, Sales and Marketing for MBK. “We have tapped Alliance Residential as Ocean Air’s on-site leasing and property manager. They bring with them proven expertise and an exceptional track record in the San Diego market.”

Upon completion, Ocean Air will be comprised of luxurious, three-story townhome and flats built to condominium quality and featuring ocean and city light views. They are slated to encompass from 1,067 to 1,630 square feet and include up to three bedrooms, three-and-a-half baths, and private direct-access one and two-car garages. Some will offer loft options. Standard features will include private decks or patios, expansive nine-foot ceilings, upgraded GE stainless steel appliances, granite countertops in kitchens, and stone slab Piedrafina countertops and oval soaking tubs in the baths. The units will also offer energy-efficient features including full-size front-loading washers and dryers and tankless water heaters. Tech features will include USB charging outlets in the kitchens and flat panel TV connects in the living rooms.

The community boasts elegant Mediterranean-inspired architecture by Summa Architecture, and impeccable grounds and lush landscaping by Gillespie Moody Patterson, Inc. Amenities at Ocean Air are slated to include a sunset lounge with outdoor kitchen and fire pit, community barbeques, a pet wash station, and an automated package delivery system.

“The Ocean Air rental community stands out for its unique townhome design, high-end finishes, stunning views, and premier location in close proximity to jobs and top-rated schools,” said Craig Jones, Vice President, Apartment Acquisitions & Asset Management for MBK.

Ocean Air is rising adjacent to a new community park featuring a playground and exercise facilities. It is also within walking distance of award-winning school districts of Del Mar Union (Torrey Hills School, K-6th grade) and San Dieguito Union (Carmel Valley Middle School, Torrey Pines High School). It is near top shopping, dining, arts and entertainment including Del Mar racetrack and core areas of San Diego. The community is also one mile from Torrey Hills Center, a retail marketplace that is home to restaurants, salons, grocery shopping, healthcare, pet care, the Scripps Performing Arts Academy, and more.

Ocean Air is conveniently located off the I-5 San Diego Freeway at the I-805 Jacob Dekema Freeway. It is close to top employers in technology, finance, healthcare and the legal industries including Oracle Corporation; US Bank; Scripps Health; Opera Solutions; Pillsbury Winthrop Shaw Pittman, Fish & Richardson; Morrison & Foerster; Sheppard, Mullin, Richter & Hampton; and The Allen Group. It is minutes from championship golf at the renowned Torrey Pines Golf Course and beautiful getaway accommodations at The Lodge at Torrey Pines. Ocean Air is also in close proximity to the hiking and mountain biking trails at Torrey Pines State Natural Preserve and beautiful local beaches that include La Jolla, Solana Beach, Pacific Beach, and Mission Beach. In addition, the San Diego International Airport is 16 miles away.

Occupancy is anticipated for early Fall 2014. For more information about the community, please visit www.liveoceanair.com.

About MBK Rental Living

MBK Rental Living is the new division of MBK Homes, which is active in the development of rental and for‐sale single‐ and multi‐family housing communities, apartment property acquisition, and distressed asset renovation. Through its various housing solutions, MBK Homes’ mission is to provide top quality shelter to residents in California. Throughout its nearly 20 years, MBK Homes has earned a reputation for delivering award winning customer satisfaction in housing that is innovative in design, comfort, sustainability and craftsmanship, all at an excellent value.

MBK Homes is a division of MBK Real Estate Ltd., the U.S. real estate development arm of Mitsui & Co., Ltd., one of the world’s largest corporations. MBK Real Estate’s companies span a wide spectrum of real estate development, including homebuilding, retail and senior housing divisions.

MBK Homes is headquartered in Irvine, California. Corporate offices are located at 4 Park Plaza Suite 1000, Irvine, CA 92614; phone (949) 789‐8300; fax (949) 789‐9300; or visit the website at www.mbkhomes.com.