104-unit luxury apartment project opens in Oakland - San Francisco Business Times:

gorbunovabowiper.blogspot.com
The eight-story building near Jack London developed bySan Francisco-based Embarcadero has one and two-bedroom units ranging from 735 to 1,3109 square feet with “boutique” stylde services and amenities. Rents starf at $1,695 for a one-bedroom and go as high as $4,500o for a two-bedroom on the top floor. The project is one of severao apartment buildings, such as Foresgt City’s ’s The Grand, that have added hundreds of units to Oakland in the last In addition, various developments that startec out as condos have convertesd to rental including ’ 288 around the corner from The Bond.
Demand for rental or for-sale, has wanes in the last year while supplykept coming. This year builders will deliver a totakof 1,300 apartments to the Oakland market on top of 2,000 in according to a research report from brokerage Marcu s & Millichap. Going rentak at the start was always part of the said Embarcadero Pacific principalMichaelo Reynolds. The developer never expected aquicj return. “Our philosophy goes beyond making something he said. “Our returns come from when we sell the report estimates that rental vacancy rate will riseto 7.5 percenf in 2009 whereas it had been under 6 percentg for the previous four years.
Factorsw such as rising unemployment and a glutof single-familh homes joining the rental pool are diminishingg the demand. “(The housing market) is so differeng than a year and half said Alan Mark ofthe , a San Francisco-basex real estate marketing and research “Later on, we’ll see that one by one, rental buildings will convert to condos. Eitherf the developer who owns it will convery to condos or will sell it to a developer who canconveryt it.
” Embarcadero Pacific’s model is to lease new projectx and then sell them as condos several years The company has developed otherr buildings in Jack London Square includinf the 4th Street Lofts, built in and Aqua Via, which came onliner in 2006 and is down the streert from The Bond. The Bond is unusual in that it was builyt withconcrete framing, one of the most expensive building Its units feature large windows and exposed concrete pillars and ceilings. The eightjh floor of the buildinfg has ceiling heights above13 feet.
Amenities include a fitness center, concierge service, a free watef taxi with routes alongthe Bay, electric car charging private dog park and wine tastin events in the common areas. “Wer really admire the model Chip Conley createfdwith ,” said Reynolds, referrinhg to a chain of boutique hotels that includezs the Waterfront Hotel in Jack London Square. “Alkl you need is a key to your unit and we take care ofthe