First of Archstone Santa Clarita's 157 townhome units to rent next spring

Apartment developer Archstone is building a 157-unit townhome rental complex in the Santa Clarita Valley, giving a jobs jolt to the beleaguered construction industry, officials said Friday.

About 750 workers will be needed to build the complex, the Denver-based company said.

Grading has already started on the 12.5 acre site at the southeast corner of Lost Canyon Road and Via Princessa in an unincorporated portion of Los Angeles County.

A groundbreaking will be next Thursday.

The project is a joint venture between Archstone and Resmark Apartment Living, a division of The Resmark Cos., a real estate investment adviser based in Los Angeles.

The complex is a welcome addition to the Valley, said Stacie House, marketing and business retention manager at the Santa Clarita Valley Economic Development Corp.

"In terms of jobs created, we are excited about the project. It's a great indicator things are picking up in the economy," she said.

"Economic development in the Santa Clarita Valley is thriving."

There is good demand for rental units, too, she said.

In the 2011 fourth quarter, Santa Clarita's rental vacancy rate dipped to 5.5 percent from 7.5 percent in the year ago period.

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First of Archstone Santa Clarita's 157 townhome units to rent next spring