Anunentitled development parcel at Isabel Avenue and I-580 presents aunique opportunity.
LIVERMORE, CA—Multifamily vacancy in the Tri-Valley is hovering just above 4%. It was below 4% from 2012to 2015 but there were a lot of new deliveries in 2016 and 2017,which pushed vacancy up slightly. However, rent growth–whichwas flat in 2016–started rising last year and is trending up as newunits are delivered, according to JLL.
And, prime sites for transit-oriented development are few andfar between in the Bay Area, leaving investors and developers withfew high-density options in addressing the region's growing housing crisis. That is why the marketing of a45.37-acre site with direct access to Interstate 580, adjacent to aplanned light rail station and just minutes from Livermore'sMunicipal Airport is a rare occurrence. To be sure, an unentitleddevelopment parcel at Isabel Avenue and I-580 in northwestLivermore presents a unique opportunity, given that the Tri-Valleyis one of the hottest residential markets in the Bay Area.
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Lisa Brown
Lisa Brown is an editor for the south and west regions of GlobeSt.com. She has 25-plus years of real estate experience, with a regional PR role at Grubb & Ellis and a national communications position at MMI. Brown also spent 10 years as executive director at NAIOP San Francisco Bay Area chapter, where she led the organization to achieving its first national award honors and recognition on Capitol Hill. She has written extensively on commercial real estate topics and edited numerous pieces on the subject.
