With 1,100 units, four parking structures and 40,000 square feet of commercial space, The Row at Red Hill will have the distinction of being the largest mixed-use project ever built by the nation’s most active developer once complete.
Charleston, South Carolina-based Greystar, which ranked No. 1 this year on the National Multifamily Housing Council’s lists of top owners, managers and developers, is both the owner and operator of The Row at Red Hill.
The $650 million property opened for move-ins in Santa Ana, California, on Aug. 1. Parts of the property are still under construction, with completion expected in 2025.
Orange, California-based architect AO designed the 14.5-acre site as a set of four industrial-style buildings around a large central courtyard. Each section has its own aesthetic concept and rooftop amenity decks, said Raul Tamez, senior director of development at Greystar. Pedestrian pathways and $1.2 million in public art installations are located throughout.
The site’s retail tenants, managed through Costa Mesa, California-based Lab Holding, have not yet been announced.
Units range from studios to three bedrooms in size, and feature wood-style flooring, in-unit laundry and Samsung appliances. Smart home technology, high-speed WiFi, video intercoms and keyless access control are included.
Resident amenities include a two-story, 20,000-square-foot fitness and wellness club, multiple pools and spas, a resident service hub, a conference room and several clubroom spaces.
California is currently in the grip of a housing shortage, with current development falling short of the estimated 180,000 new homes per year that the state needs.
The nation’s No. 4 developer, Wood Partners, recently announced it will leave the West Coast altogether. While the developer gave no reason for the departure, California is a difficult market to build in, with high construction costs and difficult insurance parameters among the roadblocks developers face.
“It’s really hard to operate here,” Zain Jaffer, partner at Midvale, Utah-based multifamily investment firm Blue Field Capital and a California resident. “First, good luck trying to increase rents, and then your costs have just shot up like never before.”
