The Bay Area's Biggest Multifamily Deliveries Of Q2
The region’s multifamily construction pipeline remains robust with 35,000 units under construction and thousands of units delivering this year across the Bay Area. From January 2017 to June 2018, over 11,500 units have been delivered with 1,400 delivering in the second quarter, according to a report from Cushman & Wakefield.
Since 2016, over 23,700 units have been delivered. Even with an increase in supply, demand remains strong, job growth robust and rents are projected to continue to rise over the next 12 months.
Multifamily developments will be among the topics discussed during Bisnow’s Multifamily Annual Conference NorCal in November. Additional topics will include affordable housing, the investment outlook, the next generation of amenities, and modular and prefab housing.
Check out some of the largest multifamily projects to deliver around the Bay Area during the second quarter below:
Location: Across from Union City BART Station
Developers: Windflower Properties with CityView
Windflower Properties and CityView used modular construction to deliver 243 units at Union Flats, a transit-oriented development at the Union City BART Station. It is part of a large master-planned community that will have over 1M SF of office and hundreds of units of housing. The developers plan to build another 443 units and 5K SF of retail during Phase 2 with a 2020 opening date. Rents are ranging from $2,315 to $3,310 and the developers are targeting millennials and retirees, according to the San Francisco Business Times.
Amenities include an interior courtyard, a pool with spa, a fitness center, bike storage, electric car charging stations, solar hot water and green roofs.
150 Van Ness
Location: San Francisco
Developers: Emerald Fund and National Real Estate Advisors
The 13-story building is actively leasing market-rate units and is offering 50 affordable units. Amenities include a rooftop terrace, a lap pool, a yoga studio, a golf simulator, a theater room, a fitness center and a basketball court. Average asking rent is just over $3,600 for a one-bedroom unit and over $5K for a two-bedroom unit.
Location: 2919 Telegraph Ave., Oakland
Developer: Madison Park Financial
Town29 was the largest new apartment building to deliver in Oakland since 2011 and has reported strong leasing activity since it began marketing efforts in March, according to the San Francisco Business Times. Average asking rent for a one-bedroom unit is just under $3K. Madison Park also plans to build a nearly 400-unit project in East Oakland, a 124-unit project on 3250 Hollis St. and 47 units at 2968 Hannah St.
Amenities at Town29 include interior courtyards and decks, a gym, a pet spa, a dog run, barbecue areas and air conditioning in its large units.
Elan Mountain View
Location: 801 West El Camino Real, Mountain View
Developer: Greystar Real Estate Partners
Greystar’s newest development in Mountain View offers a mix of affordable and market-rate units. The average asking rents range from $3,560 to $5,475. Amenities include a fitness center, an outdoor courtyard, a clubroom with chef’s kitchen, a business center, on-site retailers, and gated and covered parking. The developer also broke ground in August on a 350-unit project in Redwood City expected to be completed in 2021.
Location: 333 El Camino Real, San Carlos
Developer: Prometheus Real Estate Group
Prometheus’ newest transit-oriented development is close to the San Carlos Caltrain station. Apartments feature mission-style architecture, keyless entry and various amenities, such as a fitness center, a saltwater pool, a rooftop deck, bike storage, the Hub by Amazon, electric charging stations and a clubhouse. Asking rents start at $3,610.
Learn more about the next multifamily projects in the works at Bisnow’s Multifamily Annual Conference NorCal on Nov. 1 at Hotel Nikko in San Francisco.