Plans Underway for Apartment Community in Milpitas, Calif.
- Sep 21, 2012
Milpitas, Calif.—A 200-unit, contemporary Italianate-style apartment community is being planned for a three-acre site in Milpitas, Calif. The announcement was made September 12 by Los Angeles-based Resmark Apartment Living, which will partner with Aliso Viejo, Calif.-based Shea Properties to develop the four-story rental property at 1201 South Main Street in Milpitas. Construction is expected to get underway in the late fourth quarter of this year.
“Resmark believes that the significant job growth in the Bay Area in general, and in Silicon Valley in particular, makes Milpitas a terrific choice for development,” Ziv Cohen, chief operating officer for Resmark Apartment Living, a division of The Resmark Companies, tells MHN.
“The proximity of Milpitas to the area’s main job centers, its current and future public transportation and its growing retail and restaurant options enhance its attraction to residents. With occupancy rates at approximately 95 percent, there is evidence of real demand for rental housing in Milpitas.”
The four-story property will offer an array of floor plans, including studio, one-bedroom, one-bedroom and loft, two-bedroom and two-bedroom and loft options averaging 919 square feet in size. High-end flooring, cabinet and finishes will distinguish the apartments, as will nine-foot ceilings and walk-in closets.
The location of the development is close to light rail and major highways offering access to South Bay job centers. The VTA light rail Great Mall station linking Milpitas to Mountain View and San Jose is within a short walk. South Bay arterial highways 880, 680 and 237 are also in close proximity.
The region’s second largest retail mall, Great Mall of the Bay Area shopping center, is three blocks from the site of the property. The community will also be situated less than two miles from supermarkets and a Costco.
Strong occupancy rates have continued to improve with employment growth, especially in Santa Clara County.
The rental community is expected to attract renters ranging from young single professionals to growing families seeking modern and comfortable living near employment centers.
“We are extremely pleased to partner with Shea Properties on 1201 South Main,” Cohen says. “The company has an excellent reputation as a premier multifamily developer, and shares our commitment to top-quality developments that appeal to residents and enhance the community.”
The imminent construction of this apartment community and others nearby represents a sea change for the area, Cohen adds. “The project is one in the growing development pipeline in the area, after many years of very limited additions to the rental housing stock,” he reports.