Designed by Newman Garrison + Partners of Newport Beach, the development will include 212Â residences in a four-story building above two parking levels. Located on the corner of FoothillÂ Boulevard and Sierra Madres Villa Road, the project will provide excellent vehicular and publicÂ transit access throughout Pasadena and the greater Los Angeles area.
The project is immediately adjacent to the Sierra Madre Villa light rail station, less than oneÂ block from the 210-freeway, and within walking distance to many restaurants, grocery stores,Â departments stores and convenience retail.
John Favreau, Hines managing director and leader of the firmâ€™s West Region multifamilyÂ platform, said, â€œThe Los Angeles office of Hines is excited to be developing a best-in-class,Â transit-oriented residential community in one of the strongest submarkets of SouthernÂ California. We believe that the strength of the location and surrounding amenities position thisÂ development to take full advantage of the continued growth in the region.â€
Alan Patton, senior managing director in charge of the firmâ€™s Multifamily Division, said, â€œHinesÂ has a legacy of delivering high-quality projects all over the world, and we expect that toÂ continue with our multifamily product throughout California. We are looking at all of the keyÂ markets.â€
In January 2011, Hines formed its Multifamily Division, with a focus to expand the firmâ€™s for-rent residential development activity throughout the U.S. Currently, Hines has more thanÂ 5,000 multifamily units in projects in various stages of development. They are located in U.S.Â cities including: Atlanta; Cambridge, MA; Denver; Houston; Miami; Minneapolis; Pasadena, CA;Â Phoenix; St. Petersburg, FL; and Rockville, MD.
Hines is a privately owned real estate firm involved in real estate investment, development andÂ property management worldwide. The firmâ€™s historical and current portfolio of projects thatÂ are underway, completed, acquired and managed for third parties includes 1,208 propertiesÂ representing more than 488 million square feet of office, residential, mixed-use, industrial,Â hotel, medical and sports facilities, as well as large, master-planned communities and landÂ developments.
With offices in 104 cities in 18 countries, and controlled assets valued at approximately $23.8Â billion, Hines is one of the largest real estate organizations in the world. Hines is also a worldÂ leader in sustainable real estate strategies, with extensive experience in LEED, ENERGY STAR,Â BREEAM, Haute QualitÃ© Environnementale and DGNB green building rating systems. VisitÂ www.hines.com for more information.