Texas Developer Opens 234-Unit Uptown Oakland Apartments
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Add Trammell Crow Residential's new 234-unit apartment project to the list of developments contributing to Oakland's housing surge.
Property manager Legacy Partners announced the start of leasing at 2330 Webster St. on Tuesday. Dubbed Alexan Webster, the seven-story complex began construction in July 2017 and now inches Oakland closer to its projected 6,800 housing units arriving by year's end.
The apartments will consist of a mix of studios and one- to three-bedrooms, with current asking rents between $2,705 and $4,910 and floor plates between 599 SF and 1,233 SF, according to Apartment Finder.
Neither Trammell Crow Residential nor Legacy Partners responded to requests for comment.
The opening comes at an auspicious time for East Bay multifamily developers, when developers are predicting that job growth both in S.F. and Oakland will continue to fuel rental demand. Oakland rents alone increased 6.7% (to $2,725) year over year in Q2 2019 — almost triple the greater Bay Area average of 2.3%, according to Kidder Mathews.
Oakland's increase in supply has created somewhat of a renter's market, with more concessions, like a period of free rent or a signing bonus offered to potential tenants, the San Francisco Chronicle has reported.
Amenities at 2330 Webster St. include a lap pool, a spa, a fitness center, a rooftop deck and a dog walk, as well as the surrounding hip Uptown neighborhood and Lake Merritt three blocks away. Each unit comes with a gas stove, in-unit washer-dryer and stainless steel appliances.
KTGY Architecture + Planning is the lead architect for the project.
Trammell Crow Residential is active elsewhere in the Bay Area, including in San Francisco and especially San Jose. The company broke ground earlier this year on Alexan Bryant, a 185-unit project at 975 Bryant St. in S.F., and is Google's developer partner on the search engine giant's huge plans for a mixed-use project around San Jose's Diridon Station.
Legacy Partners manages properties throughout the Bay Area and is partnering with $3B Menlo Park unicorn Katerra on the prefab construction of a 97-unit complex coming to Hayward, another Alameda County city with big housing plans.