Aliso Viejo, CA, October 10, 2012 --(PR.com
)-- Shea Properties announced today a joint venture with international real estate firm Ivanhoe Cambridge to build a luxury apartment community in the Silicon Valley city of San Jose.
Groundbreaking for the ICS Transit Village is expected next spring, with completion by late 2015. Shea officials said the community of 648 high-end apartments will place its residents within easy reach of some of Silicon Valley’s largest employers such as Hitachi, Kaiser Hospital, IBM Research and Apple’s planned campus, which will ultimately be home to an estimated 13,000 employees.
“We’re very excited about this joint venture for a couple of important reasons,” said Colm Macken, chief executive officer of Shea Properties. “One, it teams us with Ivanhoe Cambridge, one of the world’s largest and most respected real estate companies. And two, as a developer of high-quality residences, it’s both challenging and fun to work in a red-hot growth market - and right now Silicon Valley is about as hot as a market gets - especially in terms of the demand for luxury apartments.”
Montreal based Ivanhoe Cambridge is one of the ten largest real estate companies in the world with a portfolio that includes shopping centers, office buildings and multi-family communities. It has assets in over 20 countries totaling more than $30 billion Canadian as of the end of 2011.
Shea Properties’ comprehensive Apartment Acquisition and Development Department is admired 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 mixed-use developments.
ICS Transit Village is comprised of two five-story buildings offering residents a comprehensive array of luxury amenities and services.
About Shea Properties (www.sheaproperties.com)
Shea Properties, headquartered in Aliso Viejo, Calif., 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 from $150 million to more than $2.25 billion. Shea Properties currently owns and operates approximately 6,300 apartment units and 6 million square feet of office, industrial and retail space in California, Colorado and Arizona.