Orange County’s newest batch of luxury apartment communities, which command some of the highest rents ever seen among complexes here, aren’t for renters short on cash.
They aren’t for the antisocial, either.
“More people really want to be part of a community” when they move into a larger rental property nowadays, said Yunmi Martin, senior vice president for Shea Apartment Communities, a unit of Aliso Viejo-based Shea Properties.
That meant building plenty of indoor and outdoor community rooms, dining and entertainment areas designed to bring residents together at Shea’s latest local project to come online—the 435-unit Vantis Apartments next to the company’s headquarters, and the last part of Shea’s nearly 40-acre mixed-use Vantis development.
The project, which opened late last year, includes a community entertainment spot with more big-screen TVs than the typical sports bar; an outdoor bar and lounge area; a gaming center; and an outdoor mega cabana next to one of the complex’ multiple pools.
A two-level, round-the-clock fitness center is also on site, though tenants are a short walk from the Renaissance ClubSport gym, which offers discounted rates to them.
“We’re looking for ways to get people out of their apartments,” Martin said.
There’s not much missing from Shea’s latest apartments, either. The mix of studio, one- and two-bedroom units includes open floor plans, wood-style plank flooring, quartz countertops, designer tile backsplashes, and stainless steel appliances.
Some larger units, in return for the features, carry rents believed to be the highest among large South OC complexes. A two-bedroom corner unit of about 1,400 square feet rents for about $3,400 per month. The handful of penthouse suites go even higher, with asking monthly rents at about $5,200.
The average monthly rent in Orange County is about $1,800, up 2.5% over a year ago, according to commercial property market tracker Reis Inc.
There have so far been about 60 lease signings in the first phase of the Vantis complex, including some of the highest-priced models, Shea officials said this month.
The entire project is scheduled to wrap up in a few months.
“We thought there was the demand for this type of product,” said Vice President of Marketing James Williams. “We decided to go big here.”
‘Pelican Hill’ Model
Irvine Company has big plans of its own in Newport Beach, where the developer is taking the wraps off its latest—and glitziest—local rental project, the 524-unit Villas Fashion Island.
The complex at the corner of Jamboree and San Joaquin Hills roads, like Shea’s Aliso Viejo project, sits a stone’s throw from the developer’s Newport Beach headquarters.
Each development serves in a way as a flagship project for the company’s apartment division, particularly when it comes to amenities.
Irvine Co.’s 16-acre project, whose first phase opened early this year and is scheduled to be complete by midyear, isn’t lacking in activities for residents. It will feature five swimming pools, a 4,300-square-foot fitness center, cafe and juice bar, indoor-outdoor yoga studio, dining club and spa treatment room.
The goal, according to a statement by the developer, is to “provide a casually elegant, indoor-outdoor resort lifestyle with an array of gathering places and activities.”
Irvine Co. executives say Villas Fashion Island has more to offer beyond the property itself.
“What’s going to set us apart is service,” said General Manager Santosh Kuruvilla.
Kuruvilla previously served as an executive at the Resort at Pelican Hill in Newport Beach, Irvine Co.’s most luxurious hotel property.
Nearly a third of the new apartment complex’ 27 employees have hospitality backgrounds, with the idea of turning the property into a “mini-Pelican Hill” in terms of luxury-level services.
The Villas have a concierge team that coordinates housekeeping, dry-cleaning, car detailing, grocery shopping, and dinner reservations, and offers fitness instruction, on-site spa services, and personal shopping services at Fashion Island.
The high-end services in glitzy Newport Center don’t come cheap. Irvine Co.’s website lists one-bedroom, 1,000-square-foot units at about $3,400 per month, while some two-bedroom units spanning 1,500 square feet top out at about $6,000.
A few additional units run closer to $9,000 a month, Irvine Co. said.
The luxury rental market “desires more than life’s material things, so it’s the intangibles—privacy, service, convenience—that have more meaning to them,” said Chaz Mueller, president of Irvine Co.’s apartment communities division.
Pets, Bowling, Packages
Shea’s Martin said that, beyond the intangibles, renters at upscale properties typically ask for a specific set of services nowadays: a fitness center; secure mailrooms that provide package delivery; indoor and outdoor spaces; a smoke-free environment; and pet-friendly facilities.
A number of other area complexes that have opened in recent years or are under construction cater to many of those requests.
Recent projects opened by Newport Beach-based Lyon Living, including The Marke and Nineteen01 in Santa Ana, offer amenities like pet spas, bowling alleys, and outdoor theaters.
Rents at Nineteen01, which opened last year, range from $2,000 to $4,500 per month.
Garden Communities Inc.’s 876-unit Trilogy complex planned for 12.6 acres that the San Diego-based developer owns next to John Wayne Airport, would include features such as a rooftop deck, swimming pool, spa, bowling alley, three-story fitness facility, and a one-acre park.
Irvine-based Professional Real Estate Services plans to start a 247-unit complex early next year on land next to a 12-story office it owns next to MainPlace Mall in Santa Ana.
The 27 Hundred project was designed by TCA Architects. It will feature “sky terraces” on the top floor of the seven-story apartment buildings, along with a resort style pool deck, lap pool, linear spa and three-story waterfall.
Other community features will include a bicycle storage and repair shop and pet spa.
