OC’s Rental Inventory Sees Impressive Gains: More Than 4,500 Units Added in 2015
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With its 42 miles of year-round beaches, low unemployment rate and robust economy, it’s no wonder everyone loves Orange County. Including developers. In response to the growing demand for rental housing, sparkling new apartment buildings have popped up on OC’s rental horizon, from swanky, lifestyle-oriented communities in Irvine to Italian-inspired urban retreats in Tustin and relaxing residential enclaves in Laguna Niguel.
As many as 4,577 new apartments have been delivered in 2015 throughout the county in 12 properties of over 50+ units, according to research data from Yardi Matrix and RentCafe. That’s a 57% increase from 2014 when approx. 2,900 units came online.
The largest property to hit the market last year was Park Place, an apartment community designed to impress. Featuring 989 rental units, the ritzy compound puts residents right in the center of the action, in close proximity to some of the best that Irvine has to offer in terms of dining, shopping, and entertainment. Alongside its prime location, the property brings some amazing amenities to the table: 3 saltwater pools and 4 spas, complimentary yoga and fitness classes, and ultra-high-speed Internet service – plus airy interiors. And that’s exactly what young, hip renters look for in their apartment choices. Just in case you were wondering, the prices are up there, too. Expect to pay something north of $2,500 a month for 2 BR units while studios come in at about $1,700.
Care to see what else there is on the market for OC renters? Join us as we count down the 10 largest rental developments completed in 2015 in Orange County’s sunny cities:
#10. Solaira at Pavilion Park: 221 rental units
Completed: 11/24/2015
Address: 100 Ridge Valley Drive, Irvine, CA 92618
Rental types: 191 one-bedroom apartments, 30 two-bedroom apartments
Property size: 124,210 sq.ft., two- and three-story buildings
Short description: Solaira at Pavilion Park Apartments was designed and built with the active senior in mind. Spacious one- and two- bedroom apartments with fully equipped gourmet kitchen, arts-and-crafts-style cabinets, wood plank-style flooring, ceiling fans, walk-in closets, private balcony or patio. Amenities include a large multi-purpose clubhouse, a state-of-the-art exercise room, a sparkling pool, a theater, and resident lounge areas. Green Building – LEED – Certified Gold.
Photo credits: Solaira at Pavillion Park Official Website
#9. Anton Legacy: 225 rental units
Completed: 07/06/2015
Address: 3100 Park Avenue, Tustin, CA 92782
Rental types: 78 one-bedroom apartments, 117 two-bedroom apartments, 30 three-bedroom apartments
Property size: 219,923 sq.ft., three and four story building, includes parking
Short description: Luxury living in the center of Tustin, near Orange County’s newest shopping and entertainment destination and just 10 miles from the Pacific Ocean. It offers spacious one-, two-, and three-bedroom apartments with designer interiors. Pre-wired high speed internet, in-home laundry, resort-style pool deck, athletic studio, exquisite clubhouse, lavishly decorated outdoor recreation area with fireside lounges. Close to Southern California’s main attractions: Disneyland and miles of stunning beaches. 161 units are affordable.
Photo credits: Anton Legacy Official Website
#8. Adagio on the Green: 256 rental units
Completed: 09/09/2015
Address: 26600 Oso Pkwy, Mission Viejo, CA 92691
Rental types: 1 studio, 150 one-bedroom apartments, 105 two-bedroom apartments
Property size: 220,164 sq.ft., three, four and five story – first floor includes parking
Short description: Luxurious Mission Viejo apartments located in the gorgeous Southern California hillside adjacent to a golf course with beautiful views. One- and two-bedroom apartments with exquisite designer finishes, GE slate appliances, quartz countertops, custom glass backsplashes, and hardwood floors. Indoor or outdoor entertainment lounges.
Photo credits: Adagio on the Green Official Website
#7. Apex Laguna Niguel: 284 rental units – Check availability
Completed: 01/15/2016
Address: 27960 Cabot Road, Laguna Niguel, CA 92677
Rental types: 1 studio, 192 one-bedroom apartments, 91 two-bedroom apartments
Property size: 259,285 sq.ft., six story
Short description: Located in the heart of South Orange County’s majestic Laguna Niguel community, Apex Laguna features spacious apartment homes with luxury amenities: a resort-style pool, secluded lounges with fire pits, a pool-view fitness center, a strength and yoga room. View of Saddleback Mountains. 12 units affordable.
Photo credits: RentCafe
#6. Sendero Gateway: 286 rental units
Completed: 2015
Address: 1701 Gateway Place, Rancho Mission Viejo, CA 92694
Rental types: 138 one-bedroom apartments, 116 two-bedroom apartments, 32 three-bedroom apartments
Property size: 286,090 sq.ft., two and three story – first floor includes parking
Short description: Located in the Rancho Mission Viejo community, a 23,000-acre ranch with rich history, spectacular scenery, miles of trails, a working cattle ranch, citrus and avocado groves, and equestrian facilities. Interiors come with chef-style kitchens with granite countertops and stainless steel appliances, washers and dryers, and wood-style flooring. Common amenities include a media center and game room with billiards table, a resort-style swimming pool and spa with cabanas, and two pet parks.
Photo credits: Sendero Gateway Official Website
#5. Avalon Baker Ranch: 430 rental units
Completed: 10/06/2015
Address: 1000 Lupine, Lake Forest, CA 92610
Rental types: 191 one-bedroom apartments, 204 two-bedroom apartments, 35 three-bedroom apartments
Property size: 424,841 sq.ft., one- and three-story
Short description: Avalon Baker Ranch is a smoke-free community located near Alton Parkway, Bake Parkway, Interstates 5 and 405, and the 241 Toll Road, making commuting a breeze. One-, two-, and three-bedroom apartment homes featuring gourmet kitchens with quartz stone countertops and stainless steel appliances. State-of-the-art fitness center, swimming pool, and beautifully landscaped courtyards, gas barbecues, and fire pits. Green Building – LEED – Certified Silver.
Photo credits: Avalon Baker Ranch Official Website
#4. Avella: 485 rental units
Completed: 08/19/2015
Address: 6500 Roosevelt, Irvine, CA 92618
Rental types: 280 one-bedroom apartments, 205 two-bedroom apartments
Property size: 384,881 sq.ft., two- and three-story – first floor includes parking
Short description: Located in Cypress Village near Cypress Village Shopping Center and Woodbury Town Center. Access to the award-winning Irvine Unified School District. It features a grand entrance of olive trees, saltwater pools & spas with cabanas and trellis shade areas, outdoor dining & BBQ areas, fireplace & entertainment spaces, fitness center overlooking the main pool area, entertainment club room with outdoor lounge, billiards, banquette & 4 TV’s, plus a full kitchen.
Photo credits: Avella Official Website
#3. Boardwalk by Windsor: 487 rental units
Completed: 07/02/2015
Address: 7461 Edinger Avenue, Huntington Beach, CA 92647
Rental types: 38 studios, 201 one-bedroom apartments, 231 two-bedroom apartments, 17 three-bedroom apartments
Property size: 466,639 sq.ft., three-, four- and five-story – first floor includes retail
Short description: Located in Southern California, near the I-405 Freeway which offers easy commuting to Los Angeles. Countless dining & entertainment options at nearby Bella Terra Mall that includes a Whole Foods Market and a 20-screen Century Theatres megaplex. Luxury apartments with gourmet kitchens featuring stunning Quartz countertops and stainless steel appliances, spacious bedrooms with walk-in closets, hardwood flooring, and in-home washers and dryers. State-of-the-art multi-story fitness center complete with an outdoor deck lounge, a resort-style salt water pool, a dog park and a washing station, and a cutting-edge media lounge. Green Building – LEED – Proposed Certified Gold.
Photo credits: Boardwalk by Windsor Official Website
#2. Amalfi: 528 rental units
Completed: 05/20/2015
Address: 16000 Legacy Road, Tustin, CA 92782
Rental types: 28 studio, 268 one-bedroom apartments, 232 two-bedroom apartments
Property size: 461,706 sq.ft., three and four story – first floor includes parking
Short description: Italian architecture and lush landscaping in the heart of Tustin. Hardwood–style flooring in the kitchen, living and dining areas, advanced telecommunications wiring system. Resort-style pool area featuring large pool, a spa, and an extensive deck area with cabanas. Common green park bordered by BBQ areas and an activity space with horseshoe pits. Dog park with dog wash facilities. Gated community.
Photo credits: Amalfi Official Website
#1. Park Place: 989 rental units
Completed: 04/06/2015
Address: 3395 Michelson Drive, Irvine, CA 92612
Rental types: 108 studio, 451 one-bedroom apartments, 430 two-bedroom apartments
Property size: 873,051 sq.ft., three and four story – first floor includes parking
Short description: Park Place Apartment Homes is located within close distance to exciting shopping and dining destinations, major business centers, and award-winning performance art venues. Zoned to Irvine Unified School District. 3 saltwater pools and 4 spas – heated year-round-, a cardio theater fitness center with cardiovascular and strength training equipment, outdoor dining and entertainment courtyards with BBQ areas and fireplaces. The San Joaquin Wildlife Sanctuary trail runs along Park Place and offers 11 miles of nature trails.
Photo credits: Park Place Official Website
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Amalia Otet is an online content developer and creative writer for RENTCafé. She loves all things real estate and strives to live beautifully, one green step at a time.
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