Mixed-Use Community Answers Uptown, Lake Merritt Quandary
Leasing is underway at Alexan Webster, a seven-story 234-unit mixed-use community developed by Trammell Crow Residential and managed by Legacy, located at the northwest corner of Lake Merritt.
OAKLAND, CA—Leasing is underway at Alexan Webster in the Uptown neighborhood near Lake Merritt. The seven-story 234-unit mixed-use community, developed by Trammell Crow Residential and professionally managed by Legacy, is located at the uppermost northwest corner of Lake Merritt at 2330 Webster St.
“Alexan Webster is the answer to that common question, ‘Do we pick Uptown or Lake Merritt?’” said Jonathan Figone, regional portfolio manager at Legacy. “This exciting new community is the best of both worlds. You can walk to the 19th Street BART station, the Hive, the Paramount and Fox theaters, Lake Merritt, Whole Foods, award-winning restaurants, bars and cafes, and multiple co-working spaces in and around downtown Oakland.”
Construction began in July 2017 with KTGY Architecture + Planning as the architect of record and the project’s designer. The community offers a mix of studios and one-, two- and three-bedroom residences, as well as residential and public parking spaces.
“We’re excited to introduce Alexan Webster to this vibrant part of Oakland,” said Stephanie Hill, vice president at Trammell Crow Residential. “The neighborhood really speaks for itself, offering residents a long list of social and recreational options. The building, along with each residence, was designed and built for every occasion–whether you want an exciting night on the town or a quiet day inside your beautiful new home.”
Each residence comes equipped with a gas stove, in-unit washer-dryer, stainless steel appliances and open floor plans. Amenities range from a lap pool, spa and a fitness center with a yoga room to electric vehicle charging stations, 24-hour Amazon lockers, a rooftop deck with a 75-inch outdoor TV, a fire feature, barbecue area and a dog walk. Select units will have private balconies and walk-in closets.
“Oakland’s city leadership and community businesses have done a great job of making this part of the Bay Area the hottest place to live. It now sells itself,” Shawnee Tharp, vice president of asset management at Trammell Crow Residential, tells GlobeSt.com. “There are hundreds of things to do–restaurants, art exhibits, bars, concerts and cultural events galore–all within relative walking distance. We see Oakland becoming even more walkable, bikeable and inclusive as the influx of co-working spaces, startups and larger companies relocating from San Francisco continues.”
Legacy manages properties throughout the Bay Area including Baxter on Broadway in Oakland, The Edge in Milpitas, The Triton in Foster City and the forthcoming development The Exchange in Hercules, which delivers spring 2020.
Investors are eying a significant rental arbitrage in the East Bay, targeting properties in East Oakland, Berkeley and the Fremont/Hayward corridor. While the rent spread between East Bay assets and the broader Bay Area continues to contract rapidly, the exceptional valuation gap should encourage further capital flows into the metro, according to a report by Marcus & Millichap.
➤➤ Join the GlobeSt.APARTMENTS (formerly RealShare) conference October 29-30 in Los Angeles. The event will analyze the opportunity in the emerging trends and conditions of the multifamily market. Don’t miss out on joining the 1,000+ of the industry’s top owners, investors, developers, brokers and financiers as they gather for THE MULTIFAMILY EVENT OF THE YEAR! Click here to register and view the agenda.