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Sares Regis Starts Work on Irvine Luxury Complex
Smaller Industrial Deals Still Swift; Studley Handles Sybron’s Ormco Expansion
REAL ESTATE
by Daniel D. Williams
Construction on Sares Regis Group’s $134 million upscale Watermarke Luxury Apartment Homes complex in Irvine has begun.
Irvine-based Sares Regis acquired the 10.84 acres, at Carlson Avenue at Campus Drive, from Prudential Insurance Company of America. Chicago-based Equity Residential Properties Trust is Sares Regis’ financial partner in the project. Bank of America Corp., Guaranty Federal Bank and KeyCorp are providing the lending.
The apartments carry an average development cost of $250,000.
Sares Regis is betting the Watermarke will fill a niche in OC’s apartment market, where demand outstrips supply.
“In Orange County, we’ve been undersupplied for ages,” said Geoffrey Stack, managing director of Sares Regis. “Last year there were about 2,000 permits issued and the demand was twice that.”
The 548 apartments and town homes range from 620-square-foot studios to 1,500-square-foot, three-bedroom units.
Architect Kaufman Meeks
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