IRVING, Texas, Jan. 8, 2015 /PRNewswire/ -- The San Diego office of JPI/TDI Companies, a leader in the development of Class A multi-family housing, has closed on the purchase of 7.64 net acres of prime real estate located in the prestigious Platinum Triangle in Anaheim, California with plans to build a $119 million luxury residential development. The 400-unit residential community, Jefferson Platinum Triangle, will be located near the intersection of East Katella Ave. and South State College Blvd. Construction will begin in January 2015.
"We are excited to bring this highly amenitized community to the Platinum Triangle," said Heidi W. Mather, JPI Western Region Senior Vice President. "The community will offer unparalleled amenities to its residents." The property will include luxurious clubrooms, resort-style saltwater pools with spas, outdoor kitchens and seating areas, multiple grilling stations, fitness gyms, exercise / yoga studio, screening/media room, wine bar/lounge with refrigerated beverage storage, and a dog park. The property is located adjacent to a community park which has a jogging trail.
Jefferson Platinum Triangle's capitalization includes preferred equity provided by Parse Capital and a construction loan provided by Fifth Third Bank. "The acquisition of Jefferson Platinum Triangle marks our second transaction with Parse Capital and our second construction loan with Fifth Third Bank," said Gus Villalba, JPI Western Region Executive Vice President and Managing Partner. "The key to JPI's long-term success has been our ability to source great development sites with strong multi-family demand fundamentals to generate great returns for our preferred capital partners. Our objective is to be recognized by our customers as the #1 residential company in the markets we serve. We look forward to growing our relationship with Parse Capital and Fifth Third Bank while executing on the development and construction of Jefferson Platinum Triangle."
Jefferson Platinum Triangle is centrally located within the City of Anaheim's prestigious Platinum Triangle District, an 840-acre transit-oriented urban development, guided by the Platinum Triangle Master Land Use Plan bringing high density, mixed-use, office, restaurant, and residential projects to the heart of Orange County.
Jefferson Platinum Triangle is located near the brand new $184 million ARTIC Amtrak Station and planned 6.4 mile long Anaheim Rapid Connection ("ARC") guided streetcar system anticipated to be operational by 2018. ARC plans currently reflect a streetcar stop almost adjacent to Jefferson Platinum Triangle's front door on Katella Avenue approximately 1.5 miles West of the ARTIC station and 1.5 miles East of the Disney Resort and Anaheim Convention Center.
JPI is a national developer, builder and investment manager of Class A multifamily assets in select US markets headquartered in Texas with offices in Arizona, New York and California. With a 30-year history of successful developments throughout the major US markets and an unparalleled depth of industry specific experience, JPI stands among the most active privately held real estate companies in the country. JPI's executive leadership team has an average of 25 years of comprehensive experience in multifamily developments ranging from low density garden apartments, mid to high density wrap and podium projects, student living housing projects and mixed use high rise developments. The firm offers investment management, pre-development, underwriting, marketing and asset management services as well as construction, financial and administrative services. To learn more about JPI/TDI, please visit www.jpi.com.
About Parse Capital
Parse Capital is a commercial real estate finance company focused on providing capital to developers and financial sponsors for the acquisition, recapitalization and development of multifamily apartment communities in well located, growth markets throughout the United States. Founded by real estate and capital markets professionals with significant expertise developing tailored financial solutions, Parse has a committed, long-term capital base to finance multifamily transactions behind all types of senior lenders, including GSEs, commercial banks, insurance companies and conduits. With offices located in Arizona and California, the firm is well positioned to pursue opportunities throughout the continental United States. To learn more about Parse Capital, please visit www.parsecap.com or contact Nick Killebrew at (858) 472-2720 or [email protected].