PGIM, Pacific Development Open 368-Unit East Bay Community
This is the first completed project in a planned 1.2 million-square-foot development.
A joint venture of Pacific Development and PGIM Real Estate has opened The Launch, a 368-unit luxury multifamily property in Alameda, Calif. The project was subject to a $166 million capital stack arranged by Northmarq in 2021, which included $62 million in equity and $104 million in construction financing. BDE Architecture provided the design and Bozzuto is the property manager.
It is the first building in the larger Alameda Marina Master Plan, which is slated to include 1.2 million square feet of mixed-use development across more than 44 acres, along with 760 total residences, 104 of which will be designated as affordable. It will also feature 530 marina slips.
One of the few Alameda residential projects in five decades
The five-story building incorporates studio, one- and two-bedroom floorplans ranging from 534 to 1,980 square feet. Apartments feature walk-in closets, quartz countertops, in-unit washers and dryers, wood-grain flooring and private balconies. The 13,000-square-foot amenity space includes a swimming pool, two rooftop decks, a fitness center, a pet spa, a game room and a coworking lounge.
The waterfront property is at 1777 Clement Ave., less than 5 miles from Oakland and roughly 16 miles from San Francisco via Interstate 880. There are retail and dining options in its vicinity, as well as along the nearby Webster Street.
Launch is one of the first residential developments in Alameda in the past 50 years. Both developers have extensive West Coast development experience. In August, PGIM partnered with the Toll Brothers to build a 37-story luxury tower in San Diego.