A luxury apartment development was completed in an Orange County, California, city that's seen little construction activity for decades in another sign of housing demand.
The roughly 300-unit VRV at 12736 Beach Blvd. in Stanton opened last year and already is nearly 80% leased, according to CoStar data. The project has been selected by a panel of local industry professionals as worthy of a 2024 CoStar Impact Award. Stanton has seen less than a handful of apartment properties built since 1990, according to CoStar data.
The property features a fitness center, bicycle storage, pet spa and keys controlled by mobile devices. The property's average asking rent of $3,078 is well above the Central Orange County West of Interstate 5 market average of $2,286, according to CoStar data.
The development also has art displays created by independent artists and more than 50 electric vehicle charging stations.
About the project: The luxury project is part of a group of new developments contributing to the revitalization of historic Beach Boulevard.
What the judges said: "This new multifamily development offers an upscale, amenity-rich housing option in an underserved and housing-starved city, " wrote Tom Abel, first vice president of CBRE. Added Eileen Doody, senior vice president of healthcare services at Avison Young, "It will revitalize and set the tone for more development in the future which will raise the standard of living and reputation of the city of Stanton."
They made it happen: Bonanni Development owners Cole and Bret Bonanni were involved in the project's development. The property is managed by Greystar, whose team includes Project Manager Christian Segovia, Marketing Associate Molly McCunniff, Property Manager Zach Mazzatta, Project Manager Jeff Blymiller, Leasing Manager Simon Zhupikov, Project Manager Errold Alba, Project Manager Gerald Gutierrez, Regional Property Manager Eileen Nelson and Director of Real Estate Justin Kock.
CoStar Market Manager Amanda Fender contributed.