GLJ Wrapping up $350M in Multifamily Projects
Last year, Carlsbad-based GLJ Partners merged with Trammell Crow Residential. Yesterday, we chatted with president Garth Erdossy and development associate Jason Ballow about the $350M worth of projects they're completing under the GLJ platform. (New name, same great taste.)
The company recently sold the 244-unit Stella in Marina del Rey for $168M. Next month, leasing will begin for Oak Springs Ranch, a 312-unit community in Wildomar. The project is low-density at fewer than 15 units per acre; the location--Clinton Keith Road near I-15--is walkable to shops and restaurants, and provides commuter access south to San Diego or north to OC. The project expects to draw from the nearby Inland Valley Medical Center and Mt San Jacinto Community College site, as well as military families via the I-15 corridor.
We snapped this Oak Springs construction shot in mid-November. (We made sure to take the picture when there was a Porsche in frame.) The project, composed primarily of two- and three-story townhomes with attached garages, broke ground in July 2012. The 18 motor court-style buildings are situated on 22 acres offering a view of the mountains; 14 acres of open space are home to 300 oak trees and a riparian area. According to Garth and Jason, the top-in-class community will command some of the region's highest rents starting at $1.50/SF.
All 18 residential buildings at Oak Springs Ranch have been framed. Additionally, the first move-ins are slated this month at GLJ's The Paseos at Montclair North, a 385-unit community a stone's throw from the Metro Gold line running to Downtown LA. It's the first project in the North Montclair Transit Village Specific Plan developed by Moule & Polyzoides. Under the Trammell Crow Residential banner, mass grading has started for Alexan Melrose, a 410-unit community in Vista adjacent to the Sprinter light rail line. With North County still in the early recovery stage, this will be one of the first Class-A projects to come out of the ground in seven years. The company also is under construction on the 168-unit Domain in West Hollywood.
Garth (with president of construction Tony Ditteaux) began his career at TRC, where he spent 10 years before he and his partners sold their business to BRE for $600M-plus. He says the pooling of efforts with TRC provides a robust capital platform to pursue more business more quickly. When he's not working, you can find Garth surfing and hanging out with his wife and four kids. Jason spends time at his three boys' soccer and baseball games, camping, and working in the yard.