First two affordable family apartment communities open in Irvine’s master planned Great Park Neighborhoods community

The master planned community of Great Park Neighborhoods received its first two affordable family apartment communities for low-income families on Oct. 27.

The Luminaira at Parasol Park and The Espaira at Parasol Park, both designed by KTGY Architecture + Planning, will provide a total of 166 affordable apartments and a 4,000-sf leasing and social services center. The leasing and social services center will include a kitchen, media lounge, computer center, mailroom, and play area. Other amenities will include a pool, barbeque and picnic pavilion, and a dog run. After-school programs and educational classes will also be offered on-site.

Both Luminaira and Espaira will offer two- and three-bedroom floor plans ranging in size from approximately 809 to 1,129 sf. Each unit will come equipped with a gourmet kitchen with an Energy Star refrigerator and dishwasher, solid-surface countertops, hardwood plank-style flooring, ceiling fans, large closets, nine-foot ceilings, some paid utilities, and private outdoor space. A one-car garage is also included with each unit.

Espaira Espaira. Photo courtesy of KTGY Architecture + Planning.

The modern design focuses on simple, clean lines and an efficient structure and utilizes a neutral color palette. Luminaira was developed by FivePoint Holdings, LLC, Related California, and Riverside Charitable Corporation. Espaira was developed by FivePoint, Related, and ETHIC Housing Trust (El Toro Housing Initiative Collaboration).

Across the country, multifamily rents have skyrocketed. Year-over-year rents are up by double digits in nine of the top 30 markets, while national YoY rent growth is up 6.3%. Emerging from the pandemic, a perfect storm of migration, enhanced government stimulus and a hot housing market, among other factors, has enabled this extremely strong growth.