If you live in Redwood City, get ready for an unfamiliar site. Sares Regis Group chief development officer Todd Regonini tells us they’re putting the roof trusses soon on Township, a 132-unit luxury apartment community adjacent to downtown Redwood City. It’s the first new apartment community built in the city in at least five years and overlooks Redwood Creek.
It just so happens Todd will be speaking at our 2nd annual Multifamily Summit, this Tuesday, Oct. 30 at the St. Regis. Todd tells us leasing at Township begins Q2. It’s also starting demolition in Los Altos to make way for Colonnade, a 167-unit luxury apartment and mixed-use community. Todd says the project will have a ?hospitality feel to it,? offering a respite from bustling El Camino Real. Vertical construction is anticipated for next spring. ?We think it’s going to be a great place to live in a very dynamic location in Los Altos? (next to Whole Foods). Todd just got back from visiting his daughter, a freshman at the University of Colorado at Boulder, where he plans to return frequently for skiing and fly-fishing.
Another of our panelists, Marcus & Millichap regional manager Jeff Mishkin says the market for apartment buildings and single-tenant retail properties in San Francisco is extremely hot. In the past two months, his San Francisco office has closed 45 deals (including the sale of 137 units in Brentwood for $20M) and listed 49 properties ranging from apartments, mobile home parks, and seniors housing to single-tenant retail properties and mixed-use. While San Francisco has always been a supply constrained market thanks to construction challenges, a number of projects are under way ?all around the city.? Jeff also manages M&M?s office in Oakland, a market that’s ?starting to feel the ripples from San Francisco, both in rent and occupancy, and in buyer interest.? He’s been with M&M for 31 years and has two kids in college.