Shorenstein's Big Multifamily Year
In just 12 months, Shorenstein has accumulated a development portfolio of 1,200 units nationwide. And it's not the only company riding the apartment wave. That's why we're excited to host our 4th Annual Multifamily Summit Oct 29 at the Intercontinental. Networking starts at 7:30am and the program at 8:30am.
Shorenstein managing director of the multifamily investments group Meg Spriggs, who's speaking at our event, gave us a sneak peek. A little less than half of the portfolio is right here in the Bay Area, says Meg (above, on the Franco-Swiss border during a nine-day backpacking trip to Mont Blanc this summer). She sees most Bay Area multifamily markets remaining hot. Shorenstein has no supply concerns in markets like S.F. or Berkeley, where her team's seeing an impressive amount of built-in demand and where developers can't seem to produce enough quality housing to meet it.
Shorenstein has two significant Bay Area developments now: a high-rise project at 1066 Market (above), going through the CEQA process, and a mid-rise development proposed for a location in Northwest Berkeley. You know the projects are keeping Meg busy, as she's currently looking at resumes with hopes of bringing on another multifamily expert by the end of the year. (Either she's busy or just really likes action verbs.)