December 1, 2014 – Parse Capital, LLC, in partnership with JPI Companies announce today the proposed ground-up development of a 400-unit multifamily project in Anaheim, California. The partnership plans to develop the Class “A” luxury multifamily development and is scheduled to be leasing up in the summer of 2016. Parse Capital provided a $37.7 million preferred investment to fund the development “In our second transaction with JPI we were able to leverage our existing relationship and understanding of their platform along with our knowledge of the Southern California market to close quickly. We look to leverage our balance sheet and development experience with financially strong and experienced sponsors in major markets across the US.”
JPI is a national developer, builder and investment manager of Class A multifamily assets in select US markets headquartered in Texas with offices in New York, California and Arizona. With a 30-year history of successful developments throughout the major US markets and an unparalleled depth of industry specific experience, JPI stands among the most active privately held real estate companies in the country. JPI’s executive leadership team has an average of 25 years of comprehensive experience in multifamily developments ranging from low density garden apartments, mid to high density wrap and podium projects, student living housing projects and mixed use high rise developments.
“The acquisition of Jefferson Platinum Triangle marks our second transaction with Parse Capital”, said Gus Villalba, JPI Western Region Managing Partner. “The key to JPI’s long-term success has been our ability to source great development sites with strong multifamily demand fundamentals. Parse’s capital markets expertise, industry knowledge and submarket-specific knowledge provided for a smooth closing process on a large and complicated transaction. We look forward to growing our relationship with Parse.”
Jefferson Platinum Triangle is centrally located within the City of Anaheim’s prestigious Platinum Triangle District, an 840-acre transit-oriented urban development, guided by the Platinum Triangle Master Land Use Plan bringing high density, mixed-use, office, restaurant, and residential projects to the heart of Orange County inter-connected by the brand new $184 million ARTIC Amtrak Station and planned 6.4 mile long Anaheim Rapid Connection (“ARC”) guided streetcar system anticipated to be operational by 2018. ARC plans currently reflect a streetcar stop almost adjacent to Jefferson Platinum Triangle’s front door on Katella Avenue approximately 1.5 miles West of the ARTIC station and 1.5 miles East of the Disney Resort and Anaheim Convention Center.