Joint venture with Haseko Corporation to provide 344 apartments in well-located L.A. County rental housing submarket
IRVINE, Calif. (March 10, 2020) – MBK Rental Living recently announced the acquisition of a 4.3-acre site in Duarte, California, for a new 344-unit luxury apartment community. A joint venture with Haseko Corporation, the five-story transit-oriented development, just steps away from the City of Hope Metro Gold Line Station, will offer studio, one-, two-, and three-bedroom apartment homes only 11 miles from downtown Pasadena and 22 miles from downtown Los Angeles along the vibrant Interstate I-210 corridor.
“Delivering luxury amenities and elevated lifestyle in this high-demand, highly-connected L.A. County market is an exciting opportunity for MBK and Haseko,” said MBK Rental Living President Craig Jones. “Adjacency to transportation options, including the L.A. Metro Rail and the I-210 and I-605 interchange between Pasadena and the Inland Empire, enhances the lifestyle and convenience this rental community will offer to a diverse range of renters, from students and families to professionals and empty nesters.”
Shared amenities at the new pet-friendly community will include a unique rooftop fitness center and resort-style pool and spa with scenic views of snowcapped mountains. In addition, residents will enjoy access to outdoor entertainment and cooking spaces, co-working venue, dog park, pet washing station, parks located throughout the community, and linear park that runs the entire length of the community. Residents will have easy access to Target, Trader Joe’s, Walmart, and other major retail and entertainment options. The community is also in close proximity to employment centers and community services including City of Hope, a 120-acre comprehensive cancer treatment center that is currently expanding.
This new apartment community will offer residents convenient access, via train and freeway, to Pasadena and downtown L.A. to the west and the Inland Empire, including universities and Ontario International Airport, to the east. The location is also close to historic Route 66 and the historic towns of Monrovia and Bradbury.
“This land acquisition demonstrates the expertise of the MBK team in sourcing, securing, and optimizing the entitled project design, and the power of a strategic partnership between Haseko and Mitsui, who each have a long track record of success in Japan. We are very excited to be expanding our existing relationship with Haseko in developing real estate in California,” Jones said.
Construction on the luxury apartment community, which will include a six-story parking structure, is scheduled to start in late 2020, with the grand opening slated for mid-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 focused on creating communities that deliver value fortheir residents, partners, and investors. Throughout its 30 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 family of companies spans a wide spectrum of real estate development, including apartment development, industrial,and 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 Haseko Corporation
Haseko Corporation, established in 1937, is a Japanese-based construction company mainly specializing in the development of residential condominiums. The company has built approximately 640,000 condominium units throughout Japan since 1968, equivalent to roughly10% of Japan’s condominium stock.
Haseko America, Inc., a wholly-owned subsidiary of Haseko Corporation, has been developing residential, commercial, and resort properties in Hawaii since 1973, including luxury resorts, residential communities, commercial properties, and upscale condominiums on Oahu, Maui, Kauai, and the Big Island. To date, the company has sold 4,000 single-family homes in Hawaii.