The Largest Apartment Projects to Hit San Francisco in 2015
- Mar 31, 2016
By Balazs Szekely, Contributing Editor
San Francisco, Calif.—With high-end jobs attracting affluent young professionals in recent years, increased demand on the housing market has prompted developers to build a large number of new, upmarket apartments in San Francisco. This trend has resulted in a relatively low supply, which has ultimately led to rising rents. However, as interest rate hikes continue to affect homeowners, renting remains an attractive option for many consumers. According to Yardi Matrix, average rents in San Francisco stand at $3,424, but new apartments and housing developments built since 2010 command $4,200 on average.
What are the latest apartment development trends? Last year’s largest projects point at what’s in demand right now, and even shape an image of what we can expect to see in the near future.
1. Mosso, 463 units
With 463 rental units comprising studios, one- and two-bedroom apartments, this LEED-certified green building in the heart of SOMA illustrates the trend towards reduced or no commute locations. The building was developed by San Mateo, Ca.-based REIT Essex with a clear focus on young professionals, and features an outdoor workspace / meeting area and electronic charging stations. Leisure needs are catered for with a rooftop terrace commanding a view over the bay. (Image courtesy of Mosso Official Website)
2. 100 Van Ness, 421 units
The 421 rental units at 100 Van Ness follow the focus on providing housing for affluent young professionals, with residents of the studios and one- and two-bedroom apartments enjoying a central location and facilities catering for residents’ professional and lifestyle needs. A full business center with high speed internet access is the primary amenity, but office-bound professionals can also let off steam at the fitness center. According to Curbed San Francisco, Emerald Fund transformed a 1970s office building (formerly home to the California State Automobile Association) into the glass-draped residential tower that it is today. (Image courtesy of 100 Van Ness Official Facebook Page)
3. Avalon Hayes Valley, 182 units
Studios and one- and two-bedroom apartments make up the 182 rental units in AvalonBay Communities’ development in the Hayes Valley neighborhood of San Francisco. LEED Platinum certification underlines consumer interest when it comes to sustainable buildings. Although high speed internet is available, there is a greater focus on leisure activities with a fitness center and clubhouse catering for wellness and socializing opportunities. Outdoor relaxation and socializing take place on the rooftop terrace, and there is even an in-house restaurant. Select units offer private balconies. (Image courtesy of Avalon Hayes Valley Official Website)
4. The Civic, 101 Polk, 162 units
The company behind this project is the same Emerald Fund that redeveloped the aforementioned 100 Van Ness skyscraper into a residential tower. Convenience and design that creates an impression of spaciousness are the main features of the 162-unit property. One-bedroom apartments comprise the majority of the units, but studios and two-bedroom apartments are also available. Open plan apartments with floor-to-ceiling windows and excellent views over the city are the top selling point, and amenities like a fitness center, roof deck and grill deck round off the package. (Image courtesy of The Civic San Francisco Official Website)
5. 2175 Market Street, 88 units
Despite its retro look, 2175 Market Street is a thoroughly modern, 88-unit building with focus on one- and two-bedroom apartments. Designed by Van Meter Williams Pollack, the development features an events area, retail space and a restaurant on the ground floor space. An attractively landscaped rooftop terrace is also included, providing relaxation space where residents can enjoy the view over the bay. (Image courtesy of 2175 Market Street Official Website)
For more of 2015’s largest apartment projects in San Francisco, check out the complete list on the RENTCafé Blog.