February 26, 2018 | Press Release
HQ Capital Real Estate and Trammell Crow Residential close on 211-unit Multifamily Development in Montclair, CA
New York, NY, February 27, 2018. New York City-based HQ Capital Real Estate (“HQCRE”), a member of HQ Capital Group, today announced the formation of a joint venture with Dallas-based Trammell Crow Residential (“TCR”) to develop Alexan Montclair, a 211-unit garden apartment development in Montclair, CA. Strategically located one block south of the Montclair Metrolink Station, the property provides access to Pasadena and Downtown Los Angeles, and lies within walking distance of Montclair Place, a 1.25 million square foot regional mall.
Trey Wakefield, Director at HQCRE, said: “Alexan Montclair will be a Class A property in a market with compelling demographics and attractive affordability. Employment growth in the Inland Empire is robust and vacancies remain well below their historical average, particularly in the Greater Ontario/Rancho Cucamonga submarket. We are pleased to have the opportunity to invest in this project with TCR.”
Alexan Montclair will feature several resident amenities such as a state-of-the-art fitness center, resort-style swimming pool, dog park, and outdoor grilling areas. Construction is expected to start immediately.
HQCRE has previously partnered with TCR on over 30 projects. Alexan Montclair will represent the tenth investment by HQCRE’s twenty-ninth fund, RECAP Opportunity Fund II, which pursues multifamily investments in selected growth markets.