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457-Unit Multifamily Project Planned for Irvine


San Diego-based Garden Communities of California acquired a 23-plus acre site at Campus Drive and Jamboree Road in Irvine, composed of three parcels, for more than $100M from Greenlaw Partners and Guggenheim Real Estate. The new owner plans a mixed-use development called Metropolis, which will include 457 apartments. Multifamily development this scale demonstrates the health of OC’s economy, notes CBRE’s Ray Eldridge, lead broker on the land deal. More specifically, with the development of Irvine Technology Center (pictured), the market around John Wayne Airport is particularly strong. Ray and colleague Michelle Jefcoat repped the buyer and Tim Strader of Starpointe Ventures acted as co-broker on the deal.