MONTCLAIR, Calif.--(EON: Enhanced Online News)--One year after breaking ground on a 15.4-acre apartment community in Montclair, California, developer GLJ Partners joined with equity investor Canyon-Johnson Urban Funds and local elected officials including State Senator Norma Torres, County Supervisor Gary Ovitt and Montclair Mayor Paul Eaton to officially unveil the Paseos at Montclair North today with a ribbon-cutting ceremony hosted at the community’s brand new clubhouse.
“The support we’ve received from the community has been crucial to moving this important project forward, and we look forward to continuing to work with our neighbors and the City of Montclair to take this project to the finish line.”
Leasing efforts will begin in November for the project’s 385 units, anticipated to be complete by summer 2014. In all, the project encompasses more than 385,000 square feet of living space, 722 parking spaces, as well as extensive common area amenities including two outdoor swimming pools, a clubhouse with a communal kitchen and a public park. The property also features a coffee bar and a business and leasing center with two fully equipped conference rooms as well as a fitness center. Outdoor barbeques and fireplaces are also scattered throughout the community.
The homes range in size from 580-square-foot studios to 1,300-square-foot, three-bedroom apartments with average rents of approximately $1,700. The apartments feature amenities unrivaled in the Montclair market including GE stainless steel appliances, stone countertops and European-style cabinetry. All units also include a full size washer and dryer, a walk-in closet in the master bedroom, high ceilings, prewired telephones, fiber-optic internet access, cable and satellite television.
GLJ Partners is spearheading the development efforts of the Paseos. The firm’s leadership team brings decades of experience building tens of thousands of quality residential units throughout Southern California, and GLJ’s projects have received many design awards and accolades from local residents and neighbors. In April 2012, Canyon-Johnson Urban Funds provided a $25.7 million equity investment for the acquisition and development of the 15.4-acre redevelopment site. DesignARC led the design efforts for the Paseos, which features Santa Barbara-style architecture incorporating tile roofs that blend into the landscape.
“We are thrilled to hit this significant milestone today, and to be well on our way to delivering such high-quality urban infill apartments to a region where housing is in such high demand,” said Garth Erdossy, President of GLJ Partners. “The support we’ve received from the community has been crucial to moving this important project forward, and we look forward to continuing to work with our neighbors and the City of Montclair to take this project to the finish line.”
The Paseos is an integral component of the North Montclair Downtown Specific Plan, a mixed-use, transit-oriented downtown district between the Montclair Transcenter and the Montclair Plaza regional shopping center. Montclair Transcenter, which includes connections for regional bus and Metrolink rail service, and the 1.2-million-square-foot, Nordstrom-anchored Montclair Plaza regional mall are both one block from the property. The nationally ranked Claremont Colleges are located one mile to the west.
About GLJ Partners
GLJ projects are characterized by striking architecture, uncompromising attention to detail and an emphasis on sustainable building practices. Since the partnership began in 2007, the company has emphasized infill projects in highly desirable areas of Southern California – areas that benefit in the long term from healthy demand and a robust economy. GLJ develops and constructs all types of residential products, including single-family detached homes, prestigious multi-story rental housing with subterranean parking, and mixed-use residential/retail projects. The firm’s extensive experience with highly complex infill development has helped it hone successful strategies for gaining accord from numerous stakeholders, including government entities, neighbors and local businesses. The partners have an enviable record of securing entitlements for challenging sites.
A series of joint ventures between Canyon Capital Realty Advisors LLC (CCRA) and Earvin "Magic" Johnson, the Canyon-Johnson Urban Funds (Canyon-Johnson) were formed to identify, enhance and capture value through the development and redevelopment of real estate in densely populated, ethnically diverse urban communities. Over the past decade, Canyon-Johnson has been responsible for over $4 billion of urban revitalization encompassing a diverse mix of property types including retail, office, residential, mixed-use, hospitality, commercial and industrial in a wide array of urban markets. Fundamental to Canyon-Johnson’s investment thesis is its commitment to a “triple bottom line” philosophy of achieving superior financial results, fostering opportunities within urban communities, and embracing environmental responsibility. CCRA is the real estate direct investing arm of Canyon Partners, LLC. Canyon Partners and its affiliates, including Canyon Capital Advisors, CCRA and ICE Canyon, are investment management firms and registered investment advisors headquartered in Los Angeles, California. For more information, visit www.cjuf.com.