March 30, 2015

Why Berkeley's Ripe for Luxury Multifamily

Multifamily development in Berkeley has been focused on student housing for years, but that's changing. We sat down with Olympic Residential Group founder Dan Deibel, who tells Bisnow why his three-year-old firm picked downtown Berkeley for its first project.

Dan (snapped during his Pacific Urban Residential days in 2011 at a Bisnow Event) tells us Berkeley is enjoying a complete renaissance, with tons of pent-up demand for Class-A apartment living. With that, Olympic just broke ground on a 99-unit mixed-use project at 2121 Dwight Way. He says the location is ideal for a resident who wants to live in an urban environment with all of the cultural and social options at their doorstep, and the "Gourmet Ghetto" is just up the street. S.F. is a 25-minute BART ride away.

Christiani Johnson Architects

He says the project will include a boatload of prime amenities that are unique to Berkeley, like a 4k SF roof deck with panoramic views of S.F., outdoor fireplaces and kitchen, as well as a large landscaped courtyard and European-style cabinets, quartz countertops and stainless steel appliances inside units. Dan tells us Olympic is focused on job and transportation centric, urban infill sites for multifamily mixed-use (rental and for-sale) projects. The site was acquired by Olympic in February after wrapping up project approvals and should be done in summer 2016. Olympic will pursue LEED Gold for the project, which will feature units from 500 to about 1,100 SF.

The target renter profile includes YPs, empty nesters, University faculty and UC Berkeley students. Another project targeting the younger crowd will also deliver nearby in summer 2016. Panoramic Interests' Patrick Kennedy is bringing a 65-unit microhousing concept just a third of a mile from Berkeley's campus. The project, called The Independent (above), will be car free with a ground floor market.

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Nibbi (360degrees) SFO
REFM (Valuate) SFO

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Berry Street Units Score Financing

More units are getting funded in S.F., with Eviva Mission Bay having just scored $44.6M in construction financing. Here's CBRE's Andrew Behrens, who was part of the team that led the financing, netting a big fish. Andrew became CBRE's first Bay Area vice chairman in 2012. The 129-unit community is being developed by The Integral Group and Argosy Real Estate.

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Financing was provided by East West Bank. The site, at 6th and Berry, is scheduled to wrap up in Q3 2016, and will be comprised of 72 one-bedroom, 53 two-bedroom and four three-bedroom units, along with 82 garage parking spaces. Tenants can expect a WiFi café/bar, multiple BBQ areas, a fitness center and yoga room. It's the last undeveloped Barry Street site to break ground.


What You Need to Know About Facebook's Expanded HQ

Another Monday, another Facebook building. The social media giant opened up its new Frank Gehry-designed expansion building today, which runs a 40-second shuttle under the Bayfront Expressway to move 40 people at a time between the new 430k SF structure and Facebook's existing Menlo Park HQ. The site, named “MPK 20," is its first workplace built from the ground up and can fit about 2,800 workers, reports the Silicon Valley Business Journal. The building includes on-site art from 15 local artists, new restaurants and a 9-acre rooftop park with 400 trees and a half-mile walking trail. There are still more plans in the works for Facebook, which last month bought a 21-building, 56-acre industrial park from Prologis[SVBJ]

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Matt Harnack, Facebook

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DeVry Signs Second San Jose Deal

DeVry Education Group just inked a lease for 48k SF at 5883 Rue Ferrari, a building in the Edenvale Business Park. The company, which operates the Carrington College network of for-profit private colleges, was already in the neighborhood at 6201 San Ignacio. While not much bigger, the space provides newer, updated facilities with more parking, reports the Silicon Valley Business Journal. Newmark Cornish & Carey SVP Patty Steele repped the tenant locally with Mike Denevi. The company will get signage, and staying in the south San Jose area was key because that's where their student base is coming from. The project is part of a complex owned by SFF Realty Fund, a fund managed by PSAI Realty Partners. DTZ repped the landlord. [SVBJ]

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Doing Retail Business in
DC, Maryland, Virginia?

Headed to ICSC's annual expo in Las Vegas this spring? If so, we hope you'll join our party for the Metro Washington DC region at the Wynn Hotel's incomparable Tryst Nightclub from 5:30 to 8:00 PM on May 18.

We're honored to announce that our supporting firms include these top retail players of the DC region:

Founding Partners
Acadia Realty Trust
ASB Real Estate Investments
Calkain Companies
Combined Properties
Dochter & Alexander Retail Advisors
Douglas Development
Federal Realty Investment Trust
JBGR Retail
McCaffery Interests
Miller Walker Retail Real Estate
Peterson Companies
Potomac Development
Roadside Development
Vornado/Charles E. Smith
Washington REIT

Presenting Sponsors
Papadopoulos Properties

Founding Sponsors
Continental Title Group
Divaris Real Estate
Goulston & Storrs
Renaud Consulting
Rosenthal Properties
Shulman Rogers
Washington Gas
TEEL Construction
christopher consultants

Public Sector Sponsors
Crystal City BID

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Stay tuned this week for a news about a new BOMA partnership.