With walkable neighborhoods, rooftop pools, and a world-class fitness center, Greystar’s latest project leads the way in contemporary housing
As a global leader in property development and investment, Greystar provides rental properties that are designed to meet the needs of residents in all stages of life. Over the last 20 years, the company has grown into a global powerhouse, as Senior Director of Development, Raul Tamez, begins: “Greystar is a global real estate company. We manage property investments in the development and construction sector. The operation, in its entirety, is the single largest property manager in the world. There’s around one million units under our management, making us the largest competitor in the US, as well as a number of other countries.
“We’re also the largest multi-family home developer in America. On the construction side of the business, we build multi-family properties across a range of different product types. That ranges from conventional units to affordable housing and student accommodations, as well as active adult and senior living. We’re always looking to build more housing, especially in areas where there’s high demand for new homes. It’s a huge part of our mission here in California, where
housing is very badly needed. One of the most exciting regions to work in at the moment is Orange County. It’s seen huge demand and a really strong economy over the past few years, which makes it a really desirable location for a lot of people. We have one project in Red Hill, where we plan to build an entirely new neighborhood of around 1100 units. I think it’s going to be a really good thing for the region overall.”
“The Row at Red Hill is a 14-acre piece of land, on the site of a former industrial estate. The estate was abandoned, and we saw this as a great opportunity to develop some new homes. It’s very centrally located in Orange County, with airports and employment centers all close by. It’s also not far from the beach, which makes it a highly sought-after area.
“The vision for Red Hill was based on this idea of community. California is very car-centric, so we wanted to create more of an urban neighborhood, with walkable amenities and collaborative spaces. We’ve already delivered on two of the buildings, and there will be four in total when the project is complete. The first two complexes are now open, with a combined total of 550 units. The product type is a mix of studios, one-bedroom, two-bedroom, and three-bedroom apartments; all with really amazing amenities.
“Most of the buildings have rooftop pools and clubhouses. We’re also going to be delivering a massive dog park, and about 50,000 square feet of retail space. Our tenants are very fitness oriented, so we’ve got workout spaces and health food facilities mapped out. The crown jewel of the project is the 20,000-square-foot centralized fitness center, which is going to be full of state-of-the-art equipment,” details Jesse Blake, Director of Construction at Greystar.
Guiding principles
The Red Hill development has been years in the making for Raul and Jesse. Located in California’s Orange County, this project represents the unique challenges posed by such hot-ticket territories: “I oversee projects in both California and Hawaii,” shares Raul. “It’s very difficult to get anything built in either region. Part of that cost comes down to labor — they’re desirable locations and as a result, they’re also quite expensive places to live. So, it’s harder to find laborers for the building site, and on top of that, the raw materials are also very pricey. Hawaii poses a unique challenge on this front, as almost everything needs to be imported. California, on the other hand, is very stringent when it comes to environmental regulations, so they both come with a unique set of challenges. We have to pay municipal impact fees and get through a lot of red tape before we’re even allowed to break ground on a project.
“All of this means we need to manage the timelines on our projects differently. For each project, we’ll spend three years, if not longer, getting them entitled and approved. We have to factor that in when we’re planning a development in either territory. In addition, we strive to work closely with local communities, who can delay the project if they feel it will impinge on the surrounding environment.
“A lot of these restrictions are there for a reason. Many of them are very well-meaning, especially those related to climate control. It’s equally important to us that our work has a positive impact on the local community, and there are a number of measures we take to ensure that’s the case. To begin with, we always make sure there’s an allotted amount of affordable housing in our developments.
“There’s also a second tier of affordable housing, sitting somewhere between government regulated affordable homes and our luxury products — we call this attainable housing. It’s not ultra-luxury, but it provides some luxury elements at a lower price point. These homes are nice, well laid out, and they offer something new to the market. The buildings have less amenities than our luxury units, which means we can keep building costs down and ensure lower rates for tenants,” he explains.
This people-first approach to property development has secured Greystar’s long-term success. Reflecting on the company’s guiding principles, Jesse concludes: “In the end, I think it comes down to budget, safety, quality, and schedule. If we accurately hit those four points, I’ll consider the project a success. It’s such an accomplishment to deliver on a project and see the community that it creates. It takes time to build things that last, and as long as we keep that in mind, there will always be new opportunities available to us.”
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