Berkadia today announced that it has secured a joint venture equity partner for Legacy Partners to build 651 Sunflower in Santa Ana, California. The five-story, 263,754-square-foot community features a mix of 226 studios and one- and two-bedroom residences located at 651 Sunflower Avenue in the heart of South Coast Metro.
Berkadia’s Joint Venture Equity and Structured Capital Group, led by Chinmay Bhatt, Noam Franklin and Cody Kirkpatrick, delivered DWS as the capital partner. DWS provided joint venture equity, as well as the construction loan.
“Our team was excited to be engaged by an extremely experienced developer in Legacy Partners,” said Bhatt. “Once DWS engaged with us and our client, they worked with us in earnest to find solutions to hurdles that came up and closed this deal during a very difficult time.”
“651 Sunflower is Legacy’s newest development in the area following our successful opening and leaseup of 580 Anton, which is located nearby,” said Tim O’Brien, Senior Managing Director at Legacy. “South Coast Metro is highly desirable not only for the sought-after retail and entertainment options at South Coast Plaza, but also for its proximity to the ocean which is a mere ten minutes away, and the Segerstrom Arts Center which includes the forthcoming Orange County Arts Museum. We look forward to 651 Sunflower experiencing the same kind of demand that made 580 Anton an immediate hit.”
Designed by Orange County-based TCA Architects, 651 Sunflower will have a coworking lounge with private offices, a dog park and washing station, three large courtyards with a pool, spa, and water features, and two rooftop decks. All residences have balconies – a unique feature for apartment communities in the area – and the community is only two blocks from the I-405/SR-55 intersection, which provides ease of access to Costa Mesa, Newport Beach, and Irvine.
The community is expected to deliver in early 2023.
About Legacy Partners:
Legacy Partners (Legacy), a privately held real estate firm founded in 1968 and headquartered in the San Francisco Bay Area, owns, develops and manages multifamily communities throughout the United States. Legacy has regional offices in California, Colorado, Florida, Texas, and Washington and has developed more than 60,000 apartment homes in Arizona, California, Colorado, Nevada, Oregon, Texas, and Washington. Since inception, Legacy has worked with some of the world’s largest financial institutions, life insurance companies, and real estate companies, consistently delivering exceptional results.
Legacy provides management services for its own portfolio, as well as other owners. Combined, Legacy manages a portfolio of over 60 multifamily communities with more than 14,000 apartment homes, and with a gross value in excess of $2 billion. For further information, please visit legacypartners.com.
About DWS Group (DWS)
DWS Group (DWS) is one of the world's leading asset managers with USD $772bn of assets under management (as of 30 June 2020). Building on more than 60 years of experience, it has a reputation for excellence in Germany, Europe, the Americas, and Asia.
DWS is recognized by clients globally as a trusted source for integrated investment solutions, stability and innovation across a full spectrum of investment disciplines. We offer individuals and institutions access to our strong investment capabilities across all major asset classes and solutions aligned to growth trends. Our diverse expertise in Active, Passive and Alternatives asset management – as well as our deep environmental, social and governance focus – complement each other when creating targeted solutions for our clients.
Our expertise and on-the-ground-knowledge of our economists, research analysts and investment professionals are brought together in one consistent global CIO View, which guides our investment approach strategically. DWS wants to innovate and shape the future of investing: with approximately 3,500 employees in offices all over the world, we are local while being one global team. We are investors – entrusted to build the best foundation for our clients’ future. For further information, please visit www.dws.com.
About Berkadia®:
Berkadia, a joint venture of Berkshire Hathaway and Jefferies Financial Group, is a leader in the commercial real estate industry, offering a robust suite of services to our multifamily and commercial property clients. Through our integrated mortgage banking, investment sales and servicing platform, Berkadia delivers comprehensive real estate solutions for the entire life cycle of our clients’ assets. To learn more about Berkadia, please visit www.berkadia.com.
