From the Wires
Brandywine Homes Unveils Plans for Its First Multifamily Development
Builder Acquires Site for 25-Unit Rental Community in Garden Grove Near Freeway, Disneyland and Beach Boulevard Shopping and Dining
By: Marketwired .
Dec. 12, 2012 09:43 AM
GARDEN GROVE, CA -- (Marketwire) -- 12/12/12 -- Brandywine Homes, known for single-family infill projects that respect the architectural integrity of existing neighborhoods, announces its first multifamily development -- the first of four apartment complexes it plans to build in the coming year.
In January, Brandywine plans to break ground on a 25-unit project consisting of two- and three-bedroom townhomes and flats on .887 acres near Dale Street and Stanford Avenue in Garden Grove.
The new construction is expected to help address the affordable-housing shortage in Orange County, where vacancy rates for apartments stand at five percent and rents in some areas are at a record high.
"The demand for rental properties is huge right now; the timing is right for Brandywine to be a part of that market," said Dave Barisic, vice president of sales and marketing for the 18-year-old homebuilding company. "Now that the economy is starting to improve, people who have been living with their relatives or doubling up with friends are looking for their own place -- and they're hesitant to buy just yet."
"Brandywine expects to lease the homes primarily to couples and young families who are most likely already renting in the area but looking for a newer place," Barisic said.
Brandywine's core market remains single-family homes, and the company expects to double its production of for-sale residences over the next two years. But having alternative income sources is always a good strategy, said Brett Whitehead, president of Brandywine Homes.
"One thing we learned over the downturn was that diversifying can never hurt, and it would have been a lot more comfortable over the past five years if we would have had some sort of income-producing property in our portfolio," Whitehead said.
The company started looking for infill locations for multifamily projects four years ago, he added. "We hadn't found the right opportunity until about a year ago, and that's when we started entitling the current apartment complex."
Whitehead said the biggest difference he has noticed between multifamily and single-family home construction is the entitlement process. "There's a different set of guidelines as far as what cities want for construction, setbacks and parking, so it's been a little bit of a learning curve as to what cities and codes will allow us to do."
Located in the heart of Orange County, the new community will be minutes from the Garden Grove Freeway, the Korean Business District and Little Saigon. Residents will have easy access to the Block at Orange, the Westminster Mall, Disneyland and Knott's Berry Farm. They will also be able to send their children to Garden Grove's award-winning schools.
The townhomes, designed by LSA Architecture, will range in size from 900 to 1,360 square feet and will include solid-surface granite countertops, refrigerators, and washers and dryers. Common areas will include a tot lot and barbecue areas.
Construction is expected to be complete in late 2013.
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