Republic Urban to Build North Bay SFR Community

The Aviatrix expects completion by 2024’s second quarter. Rendering courtesy of Kidder Mathews

Republic Urban Properties has acquired a 19-acre site in Fairfield, Calif., for the development of The Aviatrix, a single-family rental project spanning 188 units. Kidder Mathews First Vice President Matthew Clark worked on behalf on both parties in the transaction.

Homes at The Aviatrix will feature roll-up garages and private balconies and backyards. Common-area amenities are slated to include a clubhouse, swimming pool, spa, multi-use sport court and trail system. Project costs are estimated at $108 million and completion is expected by 2024’s second quarter.

Located at 5005 Peabody Road, the site is close to Interstate 80, some 53 miles from San Francisco and 42 miles from Sacramento, Calif. The property is within walking distance of the Fairfield-Vacaville Capitol Corridor train station providing public transit access to several points of interest throughout the Bay Area. The lot is also just west of the California Forever site, a 60,000-acre master-planned project for a new city.

Occupancy for single-family rental assets has been holding steady at 95.9 percent for the fifth consecutive month in October, representing a 20-basis-point increase year-over-year, a recent Yardi Matrix national multifamily report shows. Average rents for this asset type declined by $8 in November, reaching $2,115, while year-over-year rent growth dropped 30 basis points to 0.7 percent.