Project breaks ground to build new luxury community, including spacious
amenities and modern architecture
SAN JOSÉ, CA, Dec. 5, 2013 /CNW Telbec/ - Shea Properties and Ivanhoé
Cambridge announced today that construction is underway on ASCENT, a
650-unit luxury apartment community featuring one- to three-bedroom
residences with high-end finishes throughout and market- leading
amenities for its residents. The community, which represents an
investment of more than US$ 200 million, is anticipated to open in San
José by spring 2015.
"ASCENT brings a new level of resort-style living to San José," said
Greg Anderson, Senior Vice President of Multi-Family Acquisitions and
Development for Shea Properties. "The area is extremely competitive, as
there are so many large employers. In order for us to attract renters
to our community, we need to offer something more compelling."
For his part, Sylvain Fortier, Executive Vice President, Residential,
Hotels and Real Estate Investment Funds, Ivanhoé Cambridge added:
"We're very proud to bring ASCENT to life in a market we strongly
believe in and in which we have invested significantly over the past
two years. It allows us to diversify our rental offering in Silicon
Valley. Like Shea Properties, our well-established expert partner in
high-end real estate in the U.S., we believe ASCENT will redefine
luxury living in the region."
With a focus on outdoor entertainment, the community will include a
luxurious, resort-style, saltwater pool and spa, courtyard kitchens
featuring professional appliances, BBQ stations, an authentic pizza
oven, a comprehensive fitness center, a yoga courtyard, and a sprawling
park with more than one acre of space for residents to enjoy.
Located in South San José, ASCENT is one of the many projects underway
in the area. The Village Oaks neighborhood retail center, featuring
big-box retailers Target and Safeway, is being built directly across
the street and is scheduled to open late 2014. The development is also
within walking distance of the Cottle Light Rail Station and close to
the 85 and 101 freeways.
"ASCENT is close to employers, shopping, dining and entertainment
venues, and it offers a lifestyle of convenience and luxury to its
renters," added Mr. Anderson.
Scheduled to begin leasing in 2015, ASCENT will feature luxury units
ranging from 65 m2 (700 sq.ft.) for a one bedroom to 130 m2 (1,400 sq.ft.) for a three-bedroom unit. The homes will include
mid-century modern influenced architecture, quartz countertops, deluxe
stainless steel appliances and premier flooring, cabinetry and fine
Shea Properties' Apartment Acquisition and Development Department is
renowned for building Class A multi-family apartment communities
throughout California. The multi-faceted team has extensive experience
in the development of a full spectrum of apartment communities, from
garden-style walk-up neighborhoods, to high-density wrap products, to
For more information on ASCENT, visit www.sheaapartments.com/ascent.
Note to editors: a high-resolution image of the ceremony accompanies
this news release.
About Shea Properties
Shea Properties, headquartered in Aliso Viejo, California, is a
diversified real estate company responsible for the acquisition,
design, development, construction and management of business parks,
shopping centers, apartment communities and mixed-use environments.
Since beginning operations in 1969, annual revenues have grown steadily
to more than $200 million, while the overall value of the portfolio has
grown to more than $2.25 billion. Shea Properties owns and operates
approximately 6,150 apartment units and 5.5 million square feet of
office, industrial and retail space in California and Colorado.
Currently, Shea Properties has nearly $1 billion in development
projects underway. For more information, visit www.sheaproperties.com.
About Ivanhoé Cambridge
Ivanhoé Cambridge is a world-class real estate company that leverages
its high-level expertise in all aspects of real estate including
investment, development, asset management, leasing and operations, to
deliver an optimal return for its investors. Through its multiple
subsidiaries, its assets in more than 20 countries were valued at over
Cdn$35 billion as at December 31, 2012. Ivanhoé Cambridge is a real
estate subsidiary of the Caisse de dépôt et placement du Québec (lacaisse.com), one of Canada's leading institutional fund managers. For more
information, visit ivanhoecambridge.com.
Image with caption: "Participating dignitaries at the groundbreaking ceremony for ASCENT: San José Mayor Chuck Reed, with members of San José City Council and representatives from Shea Properties and Ivanhoé Cambridge (CNW Group/Ivanhoé Cambridge)". Image available at: http://photos.newswire.ca/images/download/20131205_C8256_PHOTO_EN_34598.jpg
PDF available at: http://stream1.newswire.ca/media/2013/12/05/20131205_C8256_DOC_EN_34601.pdf
SOURCE: Ivanhoé Cambridge
For further information:
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