Construction is Officially Underway at the 19.5-Acre Site
MBK Rental Living and the Mayor of Morgan Hill—Rich Constantine—were part of the groundbreaking event recently held at Vida at Morgan Hill, a 389-unit apartment rental community in Morgan Hill, CA.
Construction is officially underway at the community, which will consist of two- and three-story buildings and offer one- and two-bedroom garden-style apartments surrounded by the Santa Cruz and Diablo mountain ranges. Interior design details center around a modern Mediterranean theme and will include finishing touches such as stainless-steel appliances, wood-style plank flooring and quartz countertops. Community amenities will include a fitness center with 2nd floor yoga; resort-style pool with separate area for children’s pool, clubroom with game lounge, and California room; co-working office space with semi-private pods; and fully landscaped extensive outdoor spaces.
“The affluent Morgan Hill location boasts a median income of $130K, and the larger San Jose Metropolitan area has enjoyed a rate of 0.9% per annum job growth, both of which are more than double the national average.” Ken McCarren, President of MBK Rental Living said. “This community in south Silicon Valley also serves another purpose by setting the stage for additional much-needed housing in one of the tightest housing metros in the country. We anticipate that Vida will attract nearby residents looking to upgrade into an extremely desirable location with excellent accessibility to Silicon Valley employers and top-quality schools.”
Located just 20 miles south of Downtown San Jose, with ready access to the 101 Freeway and the Morgan Hill Caltrain Station, the development is within a 15-mile radius of some of Silicon Valley’s leading employers including Apple, Netflix, Adobe, Zoom and eBay. Residents will have a short drive to San Francisco and other Bay Area attractions to the north as well as the Monterey Peninsula to the south.
MBK Rental Living announced the acquisition of the 19.5-acre site in May, along with its partner—Haseko Corporation (Haseko) in its fourth apartment joint venture.
A grand opening for Vida at Morgan Hills is slated for late 2023.
About MBK Rental Living
MBK Rental Living is active in the acquisition and development of apartment communities. The company’s mission is to be the preeminent lifestyle developer focusing on creating communities that deliver value for their residents, partners, and investors. Throughout its more than 30-year history, MBK has earned a reputation for delivering award-winning customer satisfaction in housing that is innovative in design, comfort, sustainability, and craftsmanship, all at an excellent value. MBK Rental Living is a division of MBK Real Estate Ltd., the U.S. real estate development arm of Mitsui & Co., Ltd., a global trading and investment company with a diversified business portfolio. MBK Real Estate’s companies span a wide spectrum of real estate development including apartments, industrial, and their senior housing divisions. MBK Rental Living is headquartered in Irvine, California. Corporate offices are located at 4 Park Plaza Suite 1700, Irvine, CA 92614; or visit their website at www.MBKRentalLiving.com.
About Haseko Corporation
Haseko Corporation, established in 1937, is a Japanese-based construction company mainly specializing in the development of residential condominiums. The company has built approximately 680,000 condominium units throughout Japan since 1968, equivalent to roughly 10% of Japan’s condominium stock.
Haseko America, Inc., a wholly-owned subsidiary of Haseko Corporation, has been developing residential, commercial, and resort properties in Hawaii since 1973, including luxury resorts, residential communities, commercial properties, and upscale condominiums on Oahu, Maui, Kauai, and the Big Island. To date, the company has sold 4,000 single-family homes in Hawaii.
