AMG Development to Build 225-Unit High Density Residential Near Daly City BART Station
(EDITOR’S NOTE: According to public documents, the seller was Corporation of The Presiding Bishop of the Church of Jesus Christ of Latter-Day Saints. The property was sold for $2.3 million.)
Burlingame, CA – March 20, 2017 – CBRE announced today the disposition of a 1.15-acre vacant parcel located in Daly City, California on behalf of a national institutional seller. The site, which is located at 4619 Brunswick in close proximity to the Daly City Bay Area Rapid Transit (BART) Station, was purchased by AMG Development, a leading developer of bond financed senior and BMR housing, for the development of a 206-unit, seven-story high density BMR residential project. The project was developed with an average unit size of 403 gross square feet and includes 59 parking spaces. It will serve the significant demand created by the limited housing in close proximity to San Francisco and other major employment centers in Silicon Valley.
Bruce Paris of CBRE’s Capital Markets based in the San Francisco Peninsula, arranged the sale on behalf of a national non-profit owner.
“The site, which is located in Daly City, is subject to a number of overlay planning districts and required numerous governmental approvals to include architectural, massing, access and easement relocations,” said Paris. The necessary governmental approvals included a general plan amendment, zone change as well as conditional use permit, all of which were supported by Paris and the CBRE Capital Markets Team.
“This was a very complex entitlement driven property, and we were able to generate numerous offers for this unique development site,” said Paris. “Ultimately, AMG’s offer, track record and plan were seen as the most advantageous option for AMG, the owner and the community,” said Paris. “With the majority of available development land on the Peninsula being sought after for traditional “market rate” housing in recent years, it’s very unique to have a site of this size and ocean view orientation be developed with such high density and in a 100% affordable TOD format. This well-conceived community serving project will fill a significant void in the affordable housing marketplace.”
At the time of sale, the property was completely vacant and had never been previously developed, despite the surrounding gentrified housing and retail product types. “Large land sites on the Peninsula are in short supply, and the majority of such sites that have been or will be available in the future, are typically redevelopment, surplus or former public facility-use properties,” said Paris. “As a result, the CBRE Land Services Group largely focuses its efforts on filling this pent-up demand from developers both nationally and internationally, providing a specialty service in the San Francisco Peninsula market.”
About CBRE Group, Inc.
CBRE Group, Inc. (NYSE:CBG), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (based on 2016 revenue). The company has more than 75,000 employees (excluding affiliates), and serves real estate investors and occupiers through approximately 450 offices (excluding affiliates) worldwide. CBRE offers a broad range of integrated services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at www.cbre.com.