Joint venture with Haseko Corporation to provide 389 apartments in the south end of Silicon Valley
MORGAN HILL, Calif. (May 17, 2022) – MBK Rental Living, one of California’s most successful and innovative private developers, announced the acquisition of a 19.5-acre site in Morgan Hill, CA for a 389-unit Class A for-lease residential community named Vida at Morgan Hill. MBK Rental Living is proud to partner with Haseko Corporation (Haseko) in its fourth apartment joint venture. With the goal of offering elevated, everyday living in a Silicon Valley getaway destination, Vida marries the best of location, comfort, and culture to a location that is in need of housing. Construction started in April and Vida’s groundbreaking ceremony with the Mayor and key city officials is scheduled for early June 2022.
This three-story, 389-unit community will consist of two- and three-story buildings that will offer one- and two-bedroom garden-style apartments surrounded by the Santa Cruz and Diablo mountain ranges. The enviable amenities 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, all of which invite residents to indulge in a seamless indoor-outdoor lifestyle.
“Our future resident’s lifestyles have guided our decisions in this community every step of the way. We know they’ll be inspired to take advantage of all that Morgan Hill has to offer,
including farmer’s markets, art galleries, wineries, and hiking to name a just a few, and we want to provide them with a warm, inviting place to land with elevated amenities that cater to their busy lifestyles,” said Lisa Cabral, Senior Manager of Design and Marketing of MBK Rental Living.
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.
“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 land purchase 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.”
The feeling of the surrounding area is captured in the interior design details that Vida will offer, which centers around a modern Mediterranean theme and includes finishing touches such as stainless-steel appliances, wood-style plank flooring and quartz countertops. Vida readily encourages residents to soak up the good life and aspires to become the place where home becomes the final destination.
“We are very excited to partner once more with Haseko and to also have the opportunity to be involved in the tremendous amount of growth that is occurring in Morgan Hill. With our newest location, MBK Rental Living continues to be situated in yet another path of growth in California,” Mr. McCarren said.
“Haseko is proud to be partnering with experienced and trustworthy developer, MBK Rental Living in its fourth apartment joint venture. We are confident that the Silicon Valley gateway location with well-designed lifestyle-oriented apartments brings success into our project. We are continuing to seek more investment opportunities in the residential field and expand our business in the United States,” Ryo Yamakawa, President of Haseko America, Inc. said.
Debt financing for the acquisition was sourced and arranged by Scott Williams at CBRE. The loan is secured with JP Morgan Chase.
Construction on the luxury apartment community is scheduled to start in second quarter 2022, and the grand opening is slated for late 2023.
For more information, please visit www.MBKRentalLiving.com.
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.