Why Hospitals Are Driving OC Apartment Absorption
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The Picerne Group's betting big on one thing in the city of Orange—job creation. And with those new jobs comes demand for the Eleven10 West apartments that Picerne and its partners are planning.
Picerne Group managing director Brad Perozzi tells us the jobs are the primary driver for apartments in OC, especially jobs in healthcare. Three of the top 10 hospitals in OC are close to the 260-unit multifamily project, he adds, including Children’s Hospital of Orange County and St Joseph Hospital, which are only a block away. Considering the anticipated growth in the healthcare industry, local hospitals are on track to add workers—many of whom will be glad to live close to work.
The development also dovetails with City of Orange’s General Plan, created in 2010, which calls for more residential property near major places of employment. Picerne Group's partners in the venture are Rockwood Capital and the Muller Co. The property, designed by TCA Architects, will include a mix of studios and one- and two-bedroom units, along with 500 parking spaces and three interior courtyards. Eleven10 West, which is at 1110 Town and Country Road just off Main Street, will open in mid-2017.