Irvine-based Sares-Regis Group has acquired 20 acres in the Inland Empire community of Rancho Cucamonga with plans to develop luxury apartments.
The real estate developer purchased the land from Rancho Cucamonga-based Forecast Homes in May and will break ground in October on Camino Real, a 272-unit, $37 million development. Units are planned to be available for occupancy in May.
Barry Kamel, president of the multifamily development division of Sares-Regis, pointed to population and job growth in the Inland Empire as reasons for the Camino Real project.
“We believe Rancho Cucamonga, the premier city in the Inland Empire for its high quality of life, is an under-served market,” Kamel said.
Under its multifamily division, Sares-Regis develops apartment complexes in the Western states, especially Southern California and Colorado, but the type of product varies widely depending on location.
Sares-Regis has units under construction in Los Angeles, Orange County and the Inland Empire. In Los Angeles, Sares-Regis is developing apartment communities at a density of 100 units per acre, compared with 50 units per acre in Orange County and the 14 units per acre at Camino Real.
The availability of land in the Inland Empire allows Sares-Regis to develop the lower density one- and two-story apartment complex.
“We can’t identify property in Orange County that will allow us to build at this density,” Kamel said.
In the fall, Sares-Regis will break ground on Watermark, a 535-unit, four-story luxury apartment community in Irvine, overlooking the University of California, Irvine’s arboretum. The target market is singles and couples.
By comparison, Camino Real is a one and two-story community, targeting families who want more land for outdoor activities and want to avoid stairs because of young children.
“It’s very condo-like,” Kamel said.
The one- to three-bedroom apartments will range from 750 to 1,350 square feet and the development will include volleyball and basketball courts, a trail system, two tot lots, gazebos, large patios and a clubhouse.
Irvine-based Danellian Associates is designing Camino Real in a craftsman style, according to Kamel.
“Lots of stone, wood and gables,it’s sort of like Southern California at the turn of the century,” he said.
Regis Contractors, an affiliate of Sares-Regis, will handle construction and the company’s multifamily property management division will run the completed complex. n
