Multifamilybiz.com “Brandywine Homes Kicks Off Leasing at Cobblestone Affordable Multifamily Community in Garden Grove”
Apr. 22, 2014
Brandywine Homes has begun leasing at Cobblestone, a 34-unit rental community consisting of both townhomes and flats on 1.1 acres in the heart of Orange County. The property opened for lease this past weekend and within two days, six of the units were reserved.
“The demand has been fantastic, which tells us this was the right product for this market,” said Dave Barisic, vice president of sales and marketing for the 20-year-old homebuilding company. “Brandywine has been interested in expanding into multifamily rentals for many years, and Cobblestone represents an ideal opportunity.”
The development at Hope Street and Westminster Avenue in southern Garden Grove is the second multifamily development for Irvine-based Brandywine Homes, Southern California’s premier developer of single-family infill projects, and it is one of four rental developments it has opened or is building in Southern California.
With a population of 170,000 and a median household income of $55,508, Garden Grove has a rental vacancy rate of 2 percent—much lower than the national rental vacancy rate of 8.2 percent. Estimated median house and condo values increased from $194,500 in 2000 to $450,800 in 2014, and they’re expected to rise 4.9 percent in the next year. Top Garden Grove employers include Prime Healthcare Services, Air Industries Corp. and Driessen Aircraft Interior Systems.
Designed by LSA Architecture, Cobblestone consists of 12 one-bedroom, 16 two-bedroom, and 6 three-bedroom townhomes and flats ranging from 771 to 1,226 square feet. Just miles from Disneyland and Knotts Berry Farm, the community also has quick access to the 22 Freeway and Westminster Avenue shopping centers and dining. Little Saigon is nearby, and residents’ children will have the opportunity to attend Garden Groves’ award-winning schools.
