Harbert South Bay Partners released plans for The James, a 350-unit, eight-story seniors housing community in Irvine, California (Orange County). The site is walkable to The District at Tustin Legacy, a popular shopping and restaurant area, and will feature 210 independent living, 110 assisted living and 30 memory care units.
The leasing office for The James is scheduled to open early 2024, with occupancy planned for summer 2025. Momentum Senior Living, which is based in Orange County, will be the operator.
At the end of 2021, Harbert Management Corporation, which has over $8 billion in assets under management across multiple asset classes, bought the majority interest in Texas-based developer South Bay. To date, South Bay had developed more than 10,000 units totaling more than $1 billion in cost, but Harbert planned to raise capital for future development projects through a series of commingled funds. South Bay had planned a major expansion on the West Coast, so the Irvine project is a substantial addition to that strategy.
