IRVINE, Calif.--(BUSINESS WIRE)--Sanderson J. Ray Development today announced ground breaking on The Westerly, a new Class-A luxury apartment development located on the southwest corner of Main St. and Jamboree Rd. in Irvine, California. The development marks Sanderson J. Ray’s first large-scale luxury apartment complex.
The Westerly is located on a 5-acre high profile parcel in the Irvine Business Complex. The completed project will include 388 modern luxury apartment units with a rooftop deck lounge and access to private community pools. Some of the features include a rooftop sunning pool, outdoor lounges, and a private resident’s lounge with full bar. The gated building features a tree-lined entry featuring upscale landscaping and countless styled retreats.
Timothy R. Hawthorne, Founder and Principal of Hawk Holdings, a Newport Beach-based real estate advisory firm, acted as the capital advisor to Sanderson J. Ray Development on the overall transaction structure. Hawk was also responsible for securing the equity partner. The capitalization structure met Sanderson J. Ray Development’s objective in holding a legacy asset long term. The construction and permanent financing was provided through Quadrant Real Estate Advisors.
“We are extremely excited to develop such a unique residential project in the market,” commented Michael Ray of Sanderson J. Ray Development. “Tim Hawthorne was an instrumental partner in getting the project capitalized and funded successfully.”
Dallas Texas-based Streetlights Residential is general contractor and co-developer with Sanderson J. Ray Development. StreetLights Residential was founded as a design-driven, vertically integrated development firm with a focus on multifamily apartment homes and mixed used developments.
Architects Orange was the chief architect on the project. Construction on the site officially began in November of 2016 and the project completion is estimated for January of 2019.
About Sanderson J. Ray Development
SJRD is an Irvine based commercial developer with a 35-year track record and impeccable reputation. SJRD has equity in excess of $200 million in stabilized mature assets with strong cash flow.