Full lease-up of Artesa at Menifee Town Center in the Inland Empire highlights an active year of California community openings and land acquisitions
IRVINE, Calif. (January 21, 2021) – MBK Rental Living has announced record apartment leasing in 2020, with four active new communities benefitting from regional migration trends. Navigating a changing but still strong multifamily market with a fine-tuned strategic development and investment plan, the company has achieved a stabilized portfolio averaging over 95 percent occupancy.
“Though renters are pursuing geographically diverse and more attainable multifamily living options with new priorities, fundamentally they continue to demonstrate the overall strong need for housing in California,” said MBK Rental Living President, Craig Jones. “We focus on markets that cover both this new standard while continuing to provide core value. As a result, MBK’s seeing lower vacancies and higher rents at our communities in well-positioned markets throughout California.”
MBK’s investment strategy has been key to helping keep the 30-year-old company successful during the challenges posed in 2020. The company targets growing markets that offer jobs, transportation, good schools, and nearby services, but that are underserved in terms of apartment supply (or only have aging product). To that mix, MBK delivers quality construction and product design that have the feel of a for-sale master-planned community, including sustainable features, extensive community amenities, and spacious interior floor plans perfect for working from home.
Artesa at Menifee Town Center, MBK’s lifestyle apartment community in Riverside County, achieved the fastest lease-up of any community to date for the company, taking only eight months to fill nearly all 330 units versus the typical full-year target schedule. The location offers next-level amenities, signature design elements, and sweeping mountain and hill views. Benefitting from urban-style living in a walkable, small-town setting, Artesa residents enjoy a resort-style pool and two spas, a large clubhouse with a full kitchen for community events, two fitness centers, private garages on select units, common-area Wi-Fi access, a barbeque area, an outdoor lounge, a playground, and a dog park.
Online lead data showed considerable residential movement from the Los Angeles area to newer suburban spots like Menifee, which was ranked in the top 35 “Boomtowns in America” according to a late 2019 SmartAsset’s study.*
“We are seeing a residential recalibration from urban areas to more suburban locales,” Jones added. “The trends of the pandemic pushing more people out of city centers and other dense submarkets as well as the work-from-home adjustment freeing workers from commute concerns, have fueled that migration. Also, people are putting more of a priority on new residential space, which is naturally associated with cleaner, healthier, and more efficient living.”
Two MBK Rental Living projects in the Central Coast region of California have also demonstrated impressive leasing performances. Blue Oak, a 142 unit apartment community in Paso Robles, is fully leased as of December 31, and Azure, MBK’s first Santa Barbara County community, has successfully leased 100 percent of delivered units while still under construction with additional eagerly awaited new apartments to be delivered in February.
MBK Rental Living is primed to build off the strong momentum from 2020 with additional land acquisition in the coming year. Additionally, grading for the next MBK community, a 344-unit project named Esperanza at Duarte Station in Los Angeles County is anticipated to begin this month. The Strand, a 408-unit garden-style apartment community located in West Sacramento, is slated for a Summer 2021 grand opening.
For more information, please visit www.mbkrentalliving.com.
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 30years, 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 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 the website at www.mbkrentalliving.com.
* Source: Top Boomtowns in America – 2019 Edition