NEWPORT BEACH, CA - BWV W. Katella, a joint venture between Branch West Real Estate Partners of Newport Beach, California and The Bascom Group of Irvine, California, has acquired a 1.1-acre parcel of land located at 1725 West Katella Avenue, Orange, California.
The site is entitled and planned for the development of a five-story, 94-unit mid-rise multifamily community. Bellwether's capital team, led by Tom Kenny and Josh Boehling, secured preferred equity from Marble Capital out of Houston, Texas and a construction senior loan from the Bank of the West for construction of the project.
The project consists of a to-be-built five story, 94-unit multi-family development. The project is Class A and features a courtyard with a "spool," fitness center, club room and roof deck to observe Disneyland fireworks. The design sets itself apart from existing projects by focusing on material choice, combining sophisticated boutique-inspired gestures with a rustic industrial palette. The location is superb, adjacent to the Stadium Promenade and near the Honda Center (Ducks/NHL), Anaheim Stadium (Angels/MLB).
The site is adjacent to the Stadium Promenade Shopping Center, which includes Cinemark Century Theatres, Starbucks, Lazy Dog Café, King's Fish House, Prime Cut Café, The Pint House, Old Crow Smokehouse, and several other popular restaurants. The property is also in walking distance to the Honda Center (Ducks/NHL), Anaheim Stadium (Angels/MLB), and The Grove of Anaheim (entertainment venue). Walkability to retail and entertainment amenities is highly sought after in the marketplace, with very few properties offering this amenity. The property enjoys convenient access to the CA‐57, CA‐55, CA‐22, and I‐5 freeways, all accessed within a few miles of the subject. Further, the Anaheim Regional Transportation Intermodal Center (ARTIC) is located less than 1 mile west and provides rail, bus, taxi and other transportation services for daily commuters. Other nearby notable locations include: Old Towne Orange, Chapman University (enrollment approximately 8,500 students), Disneyland Resort area, and Main Place Shopping Center.
"We are so pleased to be working in the City of Orange whose city leaders provided the original vision for the Western Gateway into the city from the professional stadium area, the opportunity has provided us a tremendous canvas to develop a boutique residential community where residents can enjoy adjacency to so many retail and entertainment venues," Perozzi said.
Branch West's target market will be well-educated young professionals and couples who work in the nearby job centers, and want proximity to work, social nightlife and services. The immediate North Orange County area is home to the Anaheim Canyon Business District (72,000+ jobs), Anaheim Resort District (40,000+ jobs), and the Orange Medical Cluster (11,750+ jobs) – Orange County's highest concentration of healthcare jobs. The Platinum Triangle is a booming and trendy location with an abundance of nearby entertainment options and proximity to the Anaheim Resort District. More specifically, the subject benefits from excellent walkability and ease of access, compared to properties within the Platinum Triangle.