COSTA MESA, CA – May 13, 2013 – Mill Creek Residential, a national apartment developer, investor and operator, announced that it has broken ground on three multifamily communities in Southern California, totaling 713 luxury apartments in Glendale, Laguna Niguel and Irvine.

“There continues to be a growing demand for quality rental housing in Southern California, and we are pleased to deliver some of the newest rental options in highly desirable apartment markets,” said Michael Genthe, Managing Director. “Our focus on prime locations in supply-constrained markets provides our residents with easy access to key employers, shopping and entertainment districts. Our development expertise allows us to deliver an unparalleled features and amenities package designed to appeal to today’s savvy renter. We look forward to growing our presence in the Southern California market and are actively seeking more sites.”

DEVELOPMENT PROJECTS: OVERVIEW

Nexus on Central. The first community to be funded via a new $400 million fund Mill Creek established to develop luxury apartment construction on infill sites across the country, Nexus on Central offers 235 apartments at the gateway of the vibrant City Central neighborhood in Glendale, California. Glendale is the third largest city in Los Angeles County with a population of more than 207,000. In addition to being surrounded by some of Southern California’s leading commercial business districts including downtown Los Angeles, Pasadena and Burbank, Glendale has its own diverse base of employment with a daytime working population of 80,000. Major employers include Disney’s Grand Central Creative Campus, DreamWorks Animation Campus, Yellowpages.com, Nestle USA and IHOP/Applebee’s Headquarters.

The community will offer studio, 1-, 2- and 3-bedroom apartments and penthouses situated within a six story mid-rise with subterranean parking. Amenities include a hotel-inspired style pool and spa, 24-hour fitness and yoga studio, resident clubroom with kitchen and business center, and two rooftop decks featuring outdoor lounges and stunning views of the nearby Verdugo Mountains. Nexus’ first apartments are expected to deliver in the first quarter of 2015.

Crown Valley. Located in the City of Laguna Niguel, Crown Valley is the first new apartment development in South Orange County since 2005. Crown Valley comprises 284 condo-inspired apartments in this affluent coastal community. Residents will enjoy easy access to excellent shopping and restaurant venues at The Shops at Mission Viejo, a 1.1 million square foot mall, and benefit from close proximity to the 405 Freeway, Highway 73, San Joaquin Hills Toll Road and the Laguna Niguel rail station.

The community will offer studio, 1-, 2- and 3-bedroom apartments and penthouses. The design will focus on maximizing resident views to the east and north; amenities will include a resort-themed pool, spa, club room, Wi-Fi lounge and fitness studio, all activated by community social programs. First apartments are expected in 2015.

Kelvin Apartments. The Kelvin Apartments comprise 194 apartments in the heart of the Irvine Business Complex (IBC), east of Jamboree Road and one block north of Main Street. The IBC is a 2,800-acre business park with a diverse base of commercial, office, industrial, and R&D businesses totaling more than 15 million square feet of office space, 25 million square feet of R&D /Industrial space, and nearly 1.5 million square feet of retail space. Currently, 48 Fortune 500 companies have offices within the area including Broadcom, McDonnell Douglas, Rockwell International, Allergan, McGaw Laboratories and John Wayne International Airport.

Kelvin Apartments include 1- and 2-bedroom apartments and penthouses in a five-level structure. The community includes a large resort-like pool, spa, cabana,  barbeque area courtyard and two smaller attached intimate courtyards as well as a dramatic two story lobby, clubhouse, leasing center, fitness studio, yoga room, multipurpose clubhouse with a gourmet kitchen area and internet café. In addition, the development includes two penthouse observation decks for residents to enjoy great mountain and city views. Apartments are expected to deliver in 2014.

In addition to these three developments, Mill Creek’s California portfolio includes Mission Piers, a 106-apartment community in San Francisco’s popular Dogpatch neighborhood and directly across from the historic Pier 70, providing unobstructed Bay views. Currently under construction, first move-ins are expected in the first quarter 2014.

About Mill Creek Residential
Mill Creek Residential develops, acquires and operates high-quality apartment communities in desirable locations coast-to-coast, including in Seattle, Portland, the San Francisco Bay area, Southern California, Denver, Dallas, Austin, Houston, South Florida, Tampa, Orlando, Atlanta, Washington, D.C., New Jersey, New York, and Boston. While we are a national company, we immerse ourselves in our local chosen markets to proactively pursue investment opportunities through our seasoned team of real estate professionals in 14 offices across the United States. We use our deep understanding of each market, our 30+ years of expertise and a fresh, innovative approach to the apartment industry to create places where people thrive – and build real and enduring value for our investors, residents and associates.

Recognized as one of the Top 3 Builders in Multifamily Executive’s Top 50 List for 2013, Mill Creek’s portfolio comprised 29 communities totaling nearly 10,000 apartment homes that were operating or under construction as of May 13, 2013.

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The IBC is a 2,800-acre business park with a diverse base of commercial, office, industrial, and R&D businesses totaling more than 15 million square feet of office space, 25 million square feet of R&D /Industrial space, and nearly 1.5 million square feet of retail space. Currently, 48 Fortune 500 companies have offices within the area including Broadcom, McDonnell Douglas, Rockwell International, Allergan, McGaw Laboratories and John Wayne International Airport.

The project consists of 194 apartments in a wrap style configuration and include 1- and 2-bedroom apartments and penthouses. The community includes a large resort-like pool with cabanas, spa, barbeque area courtyard and two smaller attached intimate courtyards as well as a dramatic two story lobby, clubhouse, leasing center, fitness studio, yoga room, multipurpose clubhouse with a gourmet kitchen area and internet café. In addition, the development includes two penthouse observation decks for residents to enjoy great mountain and city views. Apartments are expected to deliver in 2014.

The property is located in the City of Laguna Niguel in South Orange County, and area characterized by predominantly built-out subdivisions of well-maintained single family homes built in the 1970s through 1990s in the rolling hills inland from Laguna Beach. Over one-third of the City of Laguna Niguel is set aside as open space. With good proximity to employment and the Pacific Ocean, Laguna Niguel is one of the more prestigious and sought after communities in Orange County.

The community will offer studio, 1-, 2- and 3-bedroom apartments and penthouses. The design will focus on maximizing resident views to the east and north; amenities will include a resort-themed pool, spa, club room, Wi-Fi lounge and fitness studio, all activated by community social programs. First apartments are expected in 2015.

The Port of San Francisco’s historic Pier 70 immediately to the east, which will benefit from a recently announced 20-year redevelopment plan with Forest City. The Giants baseball stadium and South of Market office district is less than one mile to the north. The Giants have partnered with The Cordish Company and Stockbridge Capital to redevelop the existing parking lot just south of the stadium into a mixed-use entertainment venue. The Third Street light rail runs directly in front of Mission Piers, and the 22nd Street Caltrain commuter line to Silicon Valley is a half mile south. The property has a Walk Score of 85 (deemed “very walkable”), with a number of acclaimed new restaurants in the neighborhood and a Whole Foods grocery one mile to the west and a Safeway grocery one mile north.

Mission Piers will offer studio, junior one-bedroom and 1- and 2-bedroom apartments. Amenities include an 1,150-square-foot demonstration kitchen, wi-fi lounge, yoga room at the podium courtyard level, a landscaped courtyard with water and pier views, and a rooftop deck with panoramic views of the San Francisco bay and downtown skyline. First move-ins are expected in the first quarter of 2014.

The acquisition is part of Mill Creek’s ‘buy where we build’ strategy: acquire a high-quality community with redevelopment potential in an irreplaceable downtown Seattle location. We are well-positioned to build a meaningful presence in the greater Seattle metropolitan area in the coming years through acquisition and development. Other West Coast markets of interest include Seattle, Portland, the Bay Area, and Southern California.

Read the full press release announcement here.

Skye at Belltown is ideally situated near Seattle’s Central Business District and retail core, and is within walking distance to more than 250,000 jobs, including Amazon’s corporate world headquarters in South Lake Union, which is just three blocks from the property. Our Walkscore is a whopping 98% – a true walker’s paradise.

The building is comprised of studio, one- and two-bedroom apartments.  Mill Creek plans to update the unit interiors, enhance the existing amenities and add to the amenities available to our residents. Plans include lobby remodeling, an overhaul of the rooftop garden, state-of-the-art clubroom, a membership-grade fitness center and a bike storage and maintenance room.

For leasing information, please contact the Skye at Belltown team at 866.915.5185 or visit the community’s website at www.SkyeBelltown.com.

DALLAS – April 29, 2013 – Mill Creek Residential Trust LLC, a national apartment developer, investor, owner and operator, and AEW Capital Management, L.P. (AEW), one of the world’s leading real estate investment advisors, announced that through a joint venture together they have acquired Archstone Belltown, a 360-unit, 18-story high-rise situated in Seattle’s Belltown neighborhood. The seller was Equity Residential (NYSE: EQR). The community’s name has changed to Skye at Belltown. AEW acquired the property on behalf of one of its institutional clients.

“We are pleased to mark our entry into the Seattle market with the acquisition of this iconic high-rise apartment tower,” said Mark Dempsey, executive managing director, Acquisitions. “Skye at Belltown ideally reflects Mill Creek’s ‘buy where we build’ strategy, where we were able to acquire a high-quality community with redevelopment potential in an irreplaceable downtown Seattle location. We are well-positioned to build a meaningful presence in the greater Seattle metropolitan area in the coming years through acquisition and development. Sean Hyatt, Mill Creek’s local development partner, has multiple sites under review for development in the Seattle area. Sean was instrumental in working with our team to add value as we went through the acquisition process.”

Over the last eighteen months, Mill Creek has acquired 1,700 apartment units across the country. West Coast markets of interest include Seattle, Portland, the Bay Area, and Southern California.

Community Overview
Skye at Belltown is ideally situated near Seattle’s Central Business District and retail core, and is within walking distance to more than 250,000 jobs, including Amazon’s corporate world headquarters in South Lake Union, which is just three blocks from the property.

The building is comprised of studio, one- and two-bedroom apartments.  Mill Creek plans to update the unit interiors, enhance the existing amenities and add to the amenities available to their residents. “We plan to bring a vibrant new look and feel to Skye at Belltown, similar to what we design into our newly developed communities,” said Alexander Gill, managing director of acquisitions for Mill Creek’s West Region. “Moreover, we will activate the lobby and reenergize our large rooftop garden.  A great space next to our lobby will be transformed into a state-of-the-art clubroom, a membership-grade fitness center and a bike storage and maintenance room.”

For leasing information, please contact the Skye at Belltown team at 866.915.5185 or visit the community’s website at www.SkyeBelltown.com.

About Mill Creek
Mill Creek Residential Trust LLC is national multifamily company focused on the development, acquisition and operation of apartment communities in targeted markets nationwide. The company proactively pursues development, acquisition and construction opportunities through its seasoned team of real estate professionals in 14 offices across the United States. Mill Creek is building its portfolio in many of the nation’s most desirable apartment markets in Seattle, Portland, the San Francisco Bay area, Southern California, Denver, Dallas, Austin, Houston, South Florida, Tampa, Orlando, Atlanta, Washington, D.C., New Jersey, New York, and Boston.  As of April 19, 2013, the company’s portfolio comprised 29 communities representing 9,000 apartment homes that were operating, under construction or in planning.

About AEW
Founded in 1981, AEW Capital Management, L.P. (AEW) provides real estate investment management services to investors worldwide. One of the world’s leading real estate investment advisors, AEW and its affiliates manage over $34 billion of capital invested in $48.2 billion of property and securities in North America, Europe and Asia (as of December 31, 2012). Grounded in research and experienced in the complexities of the real estate and capital markets, AEW actively manages portfolios in both the public and private property markets and across the risk/return spectrum. AEW and its affiliates have offices in Boston, Los Angeles, London, Paris, Hong Kong and Singapore, as well as additional offices in eight European cities. For more information please visit www.aew.com.

The apartments will have nine-foot ceilings, sophisticated kitchens with energy-efficient stainless steel appliances, granite counters, chef islands, contemporary lighting fixtures, full-size washer and dryers, walk-in closets, ceiling fans and ceramic tile. The unit mix will consist of studios, one- and two-bedroom apartments with average size of 861 square feet.

The location is equally ideal – it’s adjacent to the Dadeland Mall, a 1.5 million square foot shopping center – anchored by Nordstrom and Macy’s – in one of Miami’s most desirable mixed-use neighborhoods and a prototype for 21st century urban living. The site is ideally located at the interchange of Miami’s largest thoroughfares of US-1, SR 826 (Palmetto Expressway) and SR 878 (Snapper Creek Expressway), with over 200,000 average daily trips driving by the site.

Moreover, the Modera Dadeland is within walking distance to the MetroRail – Miami’s primary mass transit system – and 3.5 million square feet of retail and 500,000 square feet of office space. Key employers in the area include University of Miami, Baptist Hospital, South Miami Hospital and the Miami International Airport.

DALLAS – February 28, 2013 – Mill Creek Residential Trust LLC, a national apartment developer, investor, owner and operator, announced that it has acquired Port Royale, a 737-unit apartment community situated on the Intercoastal Waterway in Fort Lauderdale, FL. The seller was Equity Residential (NYSE: EQR).

“This acquisition reinforces Mill Creek’s ‘buy where we build’ strategy to expand our presence in markets where we are actively developing,” said Mark Dempsey, executive managing director – Acquisitions. “Modera Port Royale epitomizes this strategy perfectly: acquire a high-quality community with redevelopment and value-add renovation potential in an irreplaceable Southeast Florida location that complements our healthy development pipeline.”

Currently, Mill Creek’s Southeast Florida development portfolio comprises 3,575 units in lease-up, under development or in planning, including Modera Miramar, a 349-unit community in lease-up, Modera Pembroke Pines, a brand-new 422-unit development opening this spring, Modera Coral Gables, a 237-unit community on track to open this summer and Modera Miramar Town Center, opening this fall with 487 total units.

“Port Royale represents an excellent opportunity for Mill Creek to achieve attractive risk-adjusted returns through a dual development and renovation strategy in a highly desirable supply-constrained location,” said Wes Dickerson, managing director, Acquisitions. “We will continue to aggressively pursue unique investment opportunities like Port Royale that allow Mill Creek to leverage our core around development, renovation and operating expertise.”

Port Royale encompasses 25 buildings with the redevelopment rights to demolish seven and one 15-story high-rise and one 8-story midrise, adding 555 brand-new waterfront apartment homes giving the community a combined 1,108 units. In addition, the capital program includes an expansive amenities upgrade and the renovation of the remaining 553 units that will further solidify the property’s iconic position in the Fort Lauderdale market.

“The redevelopment opportunities inherent in this transaction allow us to execute on one of our core competencies: developing high-quality assets in this vibrant supply-constrained neighborhoods,” said Callum Parrott, senior managing director, Development, Southeast Florida. “We have a solid track record of delivering great product with the amenities and features Florida renters value and we’re exciting to expand this expertise to Port Royale.”

Community Overview
Port Royale includes 554 one- and 183 two-bedroom apartments with average square footage of 717 square feet. The redevelopment anticipates the addition of 330 one-bedroom units, 170 two-bedroom apartments and 55 three-bedroom apartments as well as two new six- and eight-story parking structures.

The community is an iconic landmark in Broward County situated near major employment centers of Cypress Creek, downtown Fort Lauderdale and Boca Raton representing more than 12 million square feet of office space. Multiple retail and dining options are minutes away, including the 1.4 million square foot Galleria Mall. What’s more, the community’s one-of-a-kind location spanning 36 acres on the Intracoastal Waterway and including 9 nine boat slips and Marina Club provides the ultimate resort-inspired refuge for residents.

Current amenities include two fitness centers, three pools – two of which are on the Intracoastal – covered parking, racquetball and basketball sources, car wash area, barbeque and picnic areas, 24-hour manned security gate and boat docks. Proposed amenities for the redevelopment include hotel-inspired beach entry pool, white sand beach along the Intracoastal, rooftop terrace, tennis courts, putting green and more.

For leasing information, call 855.817.9758 or visit the community’s website at LivePortRoyale.com. 

About Mill Creek
Mill Creek Residential is national multifamily company focused on the development, acquisition and operation of apartment communities in targeted markets nationwide. The company proactively pursues development, acquisition and construction opportunities through its seasoned team of real estate professionals in 14 offices across the United States. Mill Creek is building its portfolio in many of the nation’s most desirable apartment markets in Seattle, Portland, the San Francisco Bay area, Southern California, Denver, Dallas, Austin, Houston, South Florida, Tampa, Orlando, Atlanta, Washington, D.C., New Jersey, New York, and Boston.  As of February 21, 2013 the company’s portfolio comprised 29 communities totaling 8,989 apartment homes that were operating or under construction.

MIRAMAR, Fla. – April 24, 2013 – The Rockefeller Group and Mill Creek Residential Trust today announced the acquisition of residential development sites at Miramar Town Center in Miramar, Fla.  Mill Creek Residential, a leading multifamily developer, investor and operator specializing in premier apartment communities across the U.S., acquired the site from a joint venture of The Rockefeller Group and Kimco Realty. The community will operate under Mill Creek’s Modera brand name as Modera Town Center.

Miramar Town Center is a 54-acre mixed-use development located at the intersection of Red Road and Hiatus Road in Miramar.  The project consists of various public facilities and amenities, including Miramar City Hall, Miramar Public Library and the Miramar Cultural Center, the popular performing arts and events venue.

In addition to the future residential component, which is approved for 487 apartments and townhouses, Miramar Town Center consists of a 45,000-square-foot office building and approximately  63,000 square feet of built retail space. Tenants include a 24 Hour Fitness location and restaurants including La Famiglia, East Emerald and Subway.  The developers expect to build an additional 32,000 square feet of retail space.

“The Miramar Town Center is a highly desirable location anchored by an established growing community,” said Callum Parrott, senior managing director, Mill Creek Residential. “Modera Town Center will fulfill an important component of the overall master plan and provide much-needed rental options.”

“We are very pleased to welcome Mill Creek Residential to Miramar Town Center,” said John Petricola, regional development officer for The Rockefeller Group in the southeast U.S., who is overseeing the company’s development initiatives at Miramar Town Center.  “Mill Creek’s investment validates our long-held view that this town center is going to be a great place to live and work.  The company’s experience in premier residential development and knowledge of the local community will be a significant addition to the project.”

Cushman & Wakefield’s Brad Capas and Rosendo Caveiro represented the seller and were the sole brokerage professionals involved in the transaction.

About the Rockefeller Group
The Rockefeller Group is a leading global real estate owner, developer and investment manager.  For more than eight decades the company has engaged in some of America’s most significant and recognizable real estate endeavors, beginning with the development of one of the world’s finest urban mixed-use complexes, Rockefeller Center in Midtown Manhattan.  Since inception, The Rockefeller Group has developed approximately 40 million square feet of commercial property.  Today, the company owns and manages a diversified portfolio of office and industrial assets in key U.S. urban and select suburban markets, as well as in Europe through the firm’s October 2010 strategic investment in the London-based real estate investment management firm Europa Capital.

About Mill Creek Residential
Mill Creek Residential Trust LLC is national multifamily company focused on the development, acquisition and operation of apartment communities in targeted markets nationwide. The company proactively pursues development, acquisition and construction opportunities through its seasoned team of real estate professionals in 14 offices across the United States. Mill Creek is building its portfolio in many of the nation’s most desirable apartment markets in Southeast Florida, Tampa, Orlando, Seattle, Portland, the San Francisco Bay area, Southern California, Denver, Dallas, Austin, Houston, Atlanta, Washington, D.C., New Jersey, New York, and Boston.  As of April 24, 2013. the company’s portfolio comprised 29 communities totaling nearly 9,000 apartment homes that were operating or under construction.