Nov 17, 2023

Orange apartments gets massive solar array; affordable senior complex debuts in Lake Forest The array, built atop carports at The Knolls, will generate enough energy to give each of the 260 households a $60 monthly savings on electricity bills. Project partners celebrated the recent unveiling of a massive solar array atop the carports at The Knolls apartment community in Orange. Those partners include the property owner, BLDG Partners, the Foundation for Affordable Housing, the city of Orange and Southern California Edison and Sunrun. The array at The Knolls will reportedly generate enough energy to give each of the 260 households a $60 monthly savings on their electricity bills using virtual net metering. (Photos courtesy of Sunrun) | UPDATED: November 17, 2023 at 12:09 p.m. An apartment community in Orange is now home to a massive solar array perched atop detached carports. The array at The Knolls will reportedly generate enough energy to give each of the 260 households a $60 monthly savings on their electricity bills using virtual net metering. Project partners include the property owner, BLDG Partners, the Foundation for Affordable Housing, the city of Orange and Southern California Edison and Sunrun. “Energy efficiency is a core element of BLDG’s strategy for improving affordable housing,” said Karen Esparza, vice president of Asset Management at BLDG Partners. “An estimated 65% of energy usage at The Knolls will now be offset by local, renewable sources.” The Knolls is a low-income housing tax credit property under a deed restriction that dedicates the property to households making less than 60% of the area median income. Built in 1963, the complex was renovated in 1997. According to Sunrun, 89% percent of the energy produced by the 646-kilowatt solar system, will be credited to the residents’ accounts, free of charge. The project was paid for through the California Public Utilities Commission’s Solar on Multifamily Affordable Housing program and the Inflation Reduction Act. State money for the initiative comes from “purchase greenhouse gas allowances through the state’s cap-and-trade program,” according to a statement by Sunrun. Affordable senior complex debuts, fills in Lake Forest The 58-unit affordable housing complex Portola Senior Apartments celebrated its grand opening Nov. 13 in Lake Forest. The four-story building at 931 Portola Oaks Drive was fully leased before the doors opened. Community HousingWorks, which built the complex, says more than 750 people applied to live in Portola, and the one-bedroom apartments were fully occupied less than 30 days after opening. Rent is $1,264 per month, and the waiting list has more than 1,000 applicants, according to the nonprofit. Residents must be 62 years and older and living on 50% of the area median income (roughly $50,000 per year). The building, which features ground-floor retail space, also has an on-site laundry facility and ADA-compliant bathrooms and kitchens. Each apartment comes with designated parking. The public spaces include a multi-purpose room with a kitchen and outdoor seating areas. Residents also get free public transportation passes, freehigh-speed internet in each apartment, and access to on-site classes. Portola Senior Apartments was paid for with loans and tax-exempt bonds, according to Community HousingWorks. Lenders included Pacific Western Bank; Red Stone Equity Partners as the tax credit equity investor; and SunRanch Capital Partners as the soft lender. Bonds were issued by the California Municipal Finance Authority, the California Tax Credit Allocation Committee, and the California Debt Limit Allocation Committee The general contractor was Sunrise Pacific Construction; the architectural firm was AVRP Studios and civil engineering was provided by Lundstrom Engineering & Surveying and Hunsaker & Associates. Landscape was designed by Ridge Landscape Architects. Optima Tax Relief has signed a 40-month lease for 38,090 square feet of office space at Griffin Towers in Santa Ana. (Courtesy of CBRE) Optima begins its move to new HQ Optima Tax Relief has signed a 40-month lease for 38,090 square feet of office space at Griffin Towers in Santa Ana. The firm is moving from its current home at Elevate@Harbor, which is due to meet the wrecking ball next year . Kearny Real Estate Co. and Dune Real Estate Partners are demolishing the office complex at 3130 and 3100 S. Harbor Blvd. and building a distribution facility. Optima’s new base, owned by Barker Pacific Group, is near the intersection of the 405 and 55 freeways. Craig Kish and Richard Sung of Newmark are the tenant representatives for Optima. Dean Chandler, Justin Hill, Peter Wells, and Taylor Friend of CBRE are the leasing team for Griffin Towers. Mariners building renovation complete A year-long effort to restore and rehabilitate the historic Mariners Medical Arts building on Westcliff Drive in Newport Beach has been completed. The building originally was designed by master architect Richard Neutra in 1963. Burnham-Ward Properties bought the property in 2021, saying the purchase was made “to ensure the responsible stewardship of the iconic asset.” The firm said it used historic photographs and construction drawings to restore original architectural elements, including three water features inside the property that were removed by prior ownership in the 1970s. Hanley Investment Group Real Estate Advisors is raising money for its annual Movember campaign. This year marks 13 years the Corona del Mar firm has raised money for the annual campaign, which raises awareness for men’s health. (Photo courtesy of Hanley Investment Group) Good works Hanley Investment Group Real Estate Advisors in Corona del Mar is raising money for its annual Movember campaign. This year marks the 13th in a row that Hanley has joined the movement to raise awareness and money for prostate cancer, testicular cancer, mental health and suicide prevention. This year the firm’s theme is “Axe the Stigma.” Channeling their inner lumberjack, the team is donning flannel and growing “Mo,” (mustache) and helping to raise awareness and support for men’s health. Since it started contributing, Hanley Investment Group has raised $334,400. To donate, go to us.movember.com/team/2234814 . Real estate transactions, leases and new projects, industry hires, new ventures and upcoming events are compiled from press releases by contributing writer Karen Levin. Submit items and high-resolution photos via email to Business Editor Samantha Gowen at sgowen@scng.com . Please allow at least a week for publication. All items are subject to editing for clarity and length.