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AvalonBay Communities started the Avalon Dogpatch apartment project, a 326-unit development expected to cost $203.4M.
The publicly-traded REIT is paying for the project out of its own pocket and plans to finish by Q3 2018. Average rent is estimated at $4,450/month, according to The Registry. Above is a picture from the Dogpatch neighborhood.
At the end of 2015, AvalonBay owned 2,894 apartment units in the San Francisco market with overall occupancy at 95.4%. AvalonBay also owns 3,373 units in San Jose and 2,934 units in Oakland and the East Bay. It's one of the Bay Area's top multifamily REITs. [TR]
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