Second joint venture with Haseko Corporation to provide an additional 292 apartments in well-located L.A. County rental housing submarket
IRVINE, Calif. (September 29, 2020) – MBK Rental Living (MBK) recently announced the acquisition of a 3.43-acre site in Duarte, California for a new 292-unit luxury apartment community located only 11 miles from downtown Pasadena and 22 miles from downtown Los Angeles. MBK is proud to partner with Haseko Corporation (Haseko) in this second apartment joint venture with the company. The five-story transit-oriented development is located along the vibrant Interstate I-210 corridor and just steps away from the City of Hope Metro Gold Line Station. It will offer a mix of flats and lofted studios, one-, two-, and three-bedroom units, and co-living apartments.
Construction on this new apartment community, which will include an eight-story parking structure, is scheduled to start in 2022 and will follow the 344-unit first phase, with the grand opening slated for Summer 2024. This new wrap-style development is situated adjacent to the partners’ first 4.3-acre site in Duarte named Esperanza at Duarte Station, which was acquired in December 2019 and will deliver 344 luxury apartments upon completion in mid-2023.
“MBK is excited to design and deliver an additional modern and inspired apartment development in Southern California with a focus on luxury living and lifestyle amenities centered around exterior gathering spaces. We’re thrilled to have joined with Haseko to provide 636 units of much needed housing along the I-210 corridor and Gold Line in the very near future,” said MBK Rental Living President Craig Jones. “Our strategy with these two adjacent developments at Duarte Station is to design distinct yet interconnected projects focused around outside living that will serve multiple price points with the goal of providing relative affordability and diversity with an extraordinary living experience.”
The new apartment community will appeal to a diverse range of renters, from students and families to professionals and empty nesters, with its substantial variety of floor plans and convenient metro access combined with a stylish eclectic mix of contemporary architecture and traditional detailing. Amenities at the new community will include a fitness center and resort-style pool and spa, a clubroom, and “Bru Hause” gathering spot. Residents will also enjoy the direct connection that both communities will have with the openness to nature throughout by experiencing the entertainment alleyway, where they can enjoy food trucks and outdoor entertainment, pocket parks with citrus trees, and a linear park that runs the entire length of the community with a dog park and additional lounge areas.
“This land acquisition demonstrates MBK’s confidence in the market and our desire and ability to continue investing during these challenging times and develop sizable, well-located projects that have an inspiring sense of place and a connection with outdoor spaces,” Jones said. “Teaming once more with Haseko, we’re employing our disciplined strategy to build exceptional living spaces with an added design emphasis on safety, health, and security in our new normal.”
“Continuing from Esperanza at Duarte Station, we are excited to participate in the second phase of the development project in this attractive area. We are confident that the combination of two projects next to each other will also bring more variety of living opportunities to the renters. We are so pleased to have MBK Rental Living, such an experienced and trustworthy company, as our partner,” said Operating Officer of Haseko Corporation Eijo Daimon.
The luxury 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 community is also in close proximity to Target, Trader Joe’s, Walmart, and other major retail and entertainment options as well as employment centers and community services including City of Hope, a 120-acre comprehensive cancer treatment center that is currently expanding. Historic Route 66 and the historic towns of Monrovia and Bradbury are also just minutes away.
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 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 660,000 condominium units throughout Japan since 1968, equivalent to roughly 10% of Japan’s condominium stock.
About Haseko America
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.