|By Marketwired .||
|August 13, 2013 03:00 PM EDT||
BUENA PARK, CA -- (Marketwired) -- 08/13/13 -- Brandywine Homes, known for blending single-family infill projects into existing neighborhoods, has closed escrow on its latest multifamily development.
The project of two-bedroom single-level flats and two-story townhomes will be located on 1.1 acres on Knott Avenue just north of Orangethorpe Avenue in Buena Park.
The new 22-unit community will target couples and young families and is expected to help address the shortage of affordable housing in Orange County, where apartment vacancy rates are low and rents in some areas are at historic highs.
"With the economy improving, the demand for rental properties is stronger than it has been in years," said Dave Barisic, vice president of sales and marketing for the 18-year-old homebuilding company. "People who've been living with relatives or friends still may be reluctant to buy. But, increasingly, they're looking for their own place to rent."
The Knott Avenue project is one of four apartment communities Brandywine is planning to build in the coming year. The company recently broke ground on two projects in Garden Grove: a 25-unit project and a 34-unit rental community consisting of both townhomes and flats.
Brandywine's core business remains single-family homes, and the company expects to double its building of new homes over the next two years.
The company started looking for infill locations for multifamily projects four years ago as a way to diversify its residential offerings.
"Building other types of product allows us to fill the needs of a different segment of the population, not just those who want to purchase a home," said Brett Whitehead, president of Brandywine Homes. "There is a strong demand for new rental housing throughout the long established areas of Orange County."
Located in the heart of Orange County, Brandywine's new community will be minutes from the 91 and 5 Freeways and blocks from The Source, a 450,000-square-foot shopping destination under construction that will feature streetscapes lined with restaurants, retailers and nightlife.
Residents will also be near Knott's Berry Farm, Soak City, the Buena Park Downtown shopping center and Dad Miller Golf Course, home to the Tiger Woods Foundation. Resident's children can attend respected schools in the Buena Park Elementary School District and the Fullerton Joint Union High School District.
The units, designed by LSA Architecture, will be approximately 1,000 square feet and will include solid-surface granite countertops, refrigerators, and washers and dryers. Common areas will include a tot lot and barbecue areas.
Construction is expected to be completed by next summer.
About Brandywine Homes
Brandywine Homes is a residential homebuilder based in Irvine, Calif., that specializes in challenging infill development. Founded in 1994, the family-owned and operated company has built or developed almost 1,200 homes in 36 small- and mid-sized infill communities, revitalizing some of Southern California's oldest and most established neighborhoods. Brandywine builds homes that respect and complement the heritage, values and architectural integrity of existing neighborhoods and the people who live there -- making a positive contribution to the community. www.brandywine-homes.com.