marterra

Come By And Say Hi

daniel.morgan@marterraproperties.com (Daniel Morgan) — Tue, 20 Dec 2022 21:26:31 GMT

Come By And Say Hi

We opened a new office in the heart of Costa Mesa earlier this year. The office is home to Marterra Real Estate ( www.marterra.com ) our brokerage, Marterra Properties ( www.marterraproperties.com ) our property management group as well as Marterra Ventures our investment and development division. We also host a few local small businesses, like All Dry of Orange County ( https://www.myalldry.com/orange-county-california ), a water and mold restoration company. Needless to say, there is always something real estate related going on at 154 Broadway.

In addition to serving as our office, the property itself is a covered land play. The property is zoned R2 - HD, which will enable us to redevelop the property in the future into multiple units.

We are in the office most days, please come by and say hi time.

Governor Newsom Signs AB2097

daniel.morgan@marterraproperties.com (Daniel Morgan) — Fri, 23 Sep 2022 17:37:56 GMT

Governor Newsom Signs AB2097

Last night Governor Newsom signed a new bill into law, Assembly Bill 2097. This bill eliminates parking requirements for new residential developments near public transit. This bill will open up new development opportunities in locations that previously had archaic parking requirements that either made the projects cost prohibitive or eliminated certain options that could have housed more people.

You may have noticed many of the 3 story townhomes that were previously built in Costa Mesa, by way of example, were mostly 2 bedroom floorplans, despite being large enough for 3-4 bedrooms. These homes were a great opportunity to provide relatively affordable housing to larger families or people who wanted to live in roommate situations. The image above is a of project that we are building in Hollywood. This project consists of 2 three bedroom units in the front and 2 five bedroom units in the back. These homes are ideal for young adults, multigenerational families and others who want to live in a roommate situation in walkable locations. The three bedroom homes in Hollywood are projected to rent for $6k per month (or $2K per room) and the five bedrooms are projected to rent for $7K per month (or $1.2K per month) when compared to a studio nearby apartment, asking over $2,500 per month, our Hollywood project is relatively affordable. Similar options will now be available throughout the state.

Now with AB 2097, we can re-envision projects and provide parking based on market driven factors, versus arbitrary requirements. For example, on our 1592 Redlands project, we are now able to consider a 5-bedroom home, whereas before we were not able to due to additional required parking. It will be interesting to see how AB2097 impacts affordable housing and creates new development opportunities.

Below is a link the Assembly Bill -

https://leginfo.legislature.ca.gov/faces/billTextClient.xhtml?bill_id=202120220AB2097

Everything You Need To Know About ADUs

daniel.morgan@marterraproperties.com (Daniel Morgan) — Thu, 22 Sep 2022 21:25:07 GMT

Everything You Need To Know About ADUs (California Specific)

This is a recording of a live webinar we hosted featuring Jason Richart of Richart Design, an architect with significant experience in both the design and permitting of Accessory Dwelling Units, Daniel Morgan of Marterra Real Estate, a developer/broker is in various stages of developing 20 ADUs in Orange County, and whose brokerage team has sold multiple homes with ADUs, and Amit Signh of Neo Home loans, who will discusses various considerations regarding financing the construction of ADUs and issues and benefits related to financing homes with existing ADUs.

We will be covering 3 primary topics -

1. ADU Design Elements - Important design elements, permit process and building constraints (required setbacks ect)

2. Construction process - modular vs stick build, cost to build and timeline

3. Financing considerations - how to finance ADU construction, how lenders look at existing ADUS

1592 Redlands Acquisition and Business Plan

daniel.morgan@marterraproperties.com (Daniel Morgan) — Thu, 22 Sep 2022 20:44:45 GMT

1592 Redlands Acquisition and Business Plan

On June 1st, 2022, Marterra and it's partners acquired 1592 Redlands, Costa Mesa. The property was acquired off-market at a significant discount to market. The plans are currently being processed at the City to subdivide the almost 8,000 square foot lot into a front and back lot for sale development. The homes are new homes are estimated to be approximately 2,700 square feet each and are anticipated to be ready for sale in late 2024.

The property was acquired with bridge loan a from a private lender until the property entitlements are complete and a construction loan can be placed on the property. In order to generate some yield during the entitlement process the back unit is being leased out a fully furnished rental and the driveway is being rented out as outdoor storage.

968 Mission Acquisition and Business Plan

daniel.morgan@marterraproperties.com (Daniel Morgan) — Thu, 22 Sep 2022 20:44:41 GMT

968 Mission, Costa Mesa

On August 31st, 2021, Marterra and its partners closed on a 4-unit multifamily property at 968 Mission in Costa Mesa. The property was procured off-market for an attractive purchase price of $1.55M. The property consists of a 3 bedroom townhome, a 2 bedroom townhome, and 1 bedroom flat and a studio on a 10,890 square foot lot. The property was purchased with a sub 3% interest only loan from First Republic.

Below is a satellite image of of the property and the excess land, followed by a schematic drawing of the two additional units.

The plans and permits are currently in process and the new units are expected to be delivered in late 2023.

This acquisition adds to Marterra's significant presence in the neighborhood of Mesa del Mar.