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Gavin Newsom recently signed into law a bill to create a state historic tax credit of 20% of qualified rehabilitation expenditures, with an increase to 25% of QREs that meet certain criteria, i.e. affordable housing.
There is definitely pent-up demand for new product as occupancy in the submarket has been above 78% since 2014 and for each of the last six years, room demand increased 2% and ADR increased 6%-plus.
The purchase of 217-unit building marks Pacific Urban's third multifamily purchase in the Northeast since the firm established a regional office in New York late last year.
At Urban Land Institute's recent Emerging Trends event covering the Bay Area, local real estate experts added color to the annual study's findings including office values, housing shortage and combative retail.
Anpac Bio, which signed a 6,724-square-foot lease at the Montgomery County complex, will be joining a list of life science tenants at the campus, including Jefferson Institute Bioprocessing, among others.
All six properties were built between 1998 and 2004, and with average Walk Scores of 96, steps from the UC Berkeley campus in the downtown technology innovation hub near BART stations.
The acquisition of Villa Morada Apartments in Hayward perfectly aligns with Trion's investment strategy of targeting markets with strong multifamily fundamentals and growth potential.
The Chase Center is a year-round destination with 100,000 square feet of retail space, 3.2 acres of plazas/public open space with adjacent offices buildings, art installations and other features.
Leasing efforts are underway for Telegraph Tower, a fully entitled next generation office development at 2200 Telegraph Ave. at the corner of Telegraph and West Grand avenues in the Uptown neighborhood.