MultifamilyBiz.com “Brandywine’s Newest Multifamily Community Waterstone Opens for Leasing in Garden Grove, CA”

January 13th, 2014

GARDEN GROVE, CA – Brandywine Homes, known for single-family infill projects that respect the architectural integrity of existing neighborhoods, is now leasing apartments at Waterstone, one of its first multifamily developments. Renters have signed the first leases and begun moving in.

The 25-unit project consisting of two- and three-bedroom townhomes and flats on .887 acres near Dale Street and Stanford Avenue in Garden Grove is expected to help address the affordable-housing shortage in Orange County, where vacancy rates for apartments stand at 4.3 percent and rents in some areas are at a record high.

“The demand for rental properties is huge right now; the timing is right for Brandywine to be a part of that market,” said Dave Barisic, vice president of sales and marketing for the 18-year-old homebuilding company. “Now that the economy is starting to improve, people who have been living with their relatives or doubling up with friends are looking for their own place – and they’re hesitant to buy just yet.”

Brandywine is leasing the homes primarily to couples and young families who are most likely already renting in the area but looking for a newer place, Barisic said.

Brandywine’s core market remains single-family homes, but having alternative income sources is always a good strategy, said Brett Whitehead, president of Brandywine Homes. Brandywine is also building a 22-unit property in Buena Park and a 35-unit development in Vista.

Located in the heart of Orange County, the new community is minutes from the Garden Grove Freeway, the Korean Business District and Little Saigon. Residents have easy access to the Block at Orange, the Westminster Mall, Disneyland, Knott’s Berry Farm and Garden Grove’s award-winning schools.

The townhomes, designed by LSA Architecture, range in size from 900 to 1,360 square feet and include solid-surface granite countertops, refrigerators, and washers and dryers. Common areas will include a tot lot and barbecue areas.

According to the National Association of Home Builders’ formula to determine the local impact of multifamily housing in typical metro areas, adding 25 rental apartments will generate $1.9 million in local income, $206,750 in taxes and other revenue for local governments, and 30 local jobs.

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