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Recent land acquisition toprovide2- and 3-story luxury garden-style apartments in a growingrental housing market

IRVINE, Calif. (April9, 2019) – MBK Rental Living today announced the acquisition of a 14.5-acre sitein Santa Maria, California, and the first for the company inSanta Barbara County. Upon completion, the new lifestyle rentalcommunity,Azure,will include 318 two- and three-story luxury garden-style apartments ranging in size from 406 square feet to 1,211 square feet.MBK Rental Living purchased the land fromEaston Plaza, L.P.

“Azure willprovidenew apartments in a market wherequality of life and new jobs are attracting new residents, but where rental housing is in short supply,” saidMBK Rental Living President Craig Jones. “Delivering luxury amenities and quality construction in an areawith close proximity to schools, shopping, and outdoor activities, Azure will attract residents of all ages, from growing families and young professionals to empty nesters.”

Shared amenities at the new communitywill include two pools, two hot tubs, a dog park, sports court, a fitness center, and playground. Residents will have access to shopping including Costco, Lowes, Best Buy, Kohl’s, Target, Trader Joe’s, Walmart, and Office Depot as well as dining options such as In-N-Out Burger, Buffalo Wild Wings, and many popular BBQ restaurants serving famous Santa Maria-style barbecue.

Residents will also enjoy easy access to US 101 leading to Santa Barbara, San Luis Obispo, Los Padres National Forest, Solvang, Los Olivos, and nearby beaches.

Grading of the site is anticipated in Spring2019 and leasing expected to begin in mid-late 2020.

About MBK Rental Living

MBK Rental Living is active in the acquisition and development of apartment communities. The company’s mission is to provide top quality shelter to residents in California. Throughout its nearly 20 years, 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 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 Rental Living is headquartered in Irvine, California. Corporate offices are located at 4 Park Plaza Suite 1000, Irvine, CA 92614; or visit the website at www.mbkrentalliving.com.