Oakland, Calif. – Cityview, a vertically-integrated multifamily investment management and development firm, today announced it raised nearly $100 million in opportunity zone capital for its Oakland Waterfront project, a 378-unit multifamily development boasting sweeping waterfront views from over 80% of the units and state-of-the-art amenities. Located in a qualified opportunity zone, the project is part of Brooklyn Basin, a 65-acre master-planned community on the Oakland Estuary approved for 3,100 units including affordable-rate, market-rate, and active senior housing, 32 acres of parks, restored wetlands, a new marina, and 200,000 square feet of retail. Oakland Waterfront is expected to complete in 2023.
The eight-story community will feature a mix of studios and one-, two- and three-bedroom apartments with over 80 percent of the units overlooking the waterfront. The community will also offer 331 parking spaces for residents and their guests. The tenant for the 1,700-square-foot retail portion of the project will be carefully curated to fit the lifestyle of residents. The construction of Oakland Waterfront is expected to commence in Q2 2021 and generate upwards of 2,000 jobs for the community.
“Oakland Waterfront is located just under two miles from downtown Oakland, one mile from Lake Merritt, and adjacent to Jack London Square, making this an ideal location for those who enjoy premier suburban living adjacent to a major job core and all the benefits of an urban environment,” said Sean Burton, CEO of Cityview. “Located in a market that has historically experienced strong growth in population, employment, income and rent, this opportunity zone project will bring much-needed housing to this rapidly expanding, vibrant center of the Bay Area.”
Oakland Waterfront is designed to complement the Brooklyn Basin master-planned community. Residents will be able to take full advantage of its myriad public spaces including oceanfront parks, a promenade, a marina, event space venue with live concerts and art exhibits, and its bountiful retail offering with grocers, local merchant kiosks, destination restaurants, watersport rentals, and more. Residents will also have access to the Brooklyn Basin private transit shuttle service which connects to the water ferry in Jack London Square as well as BART stations in Lake Merritt and downtown Oakland in under 10 minutes. The property is also minutes from the 880-freeway providing easy access to San Jose.
“We are very pleased with how excited investors are about this project,” said Burton. “We saw a huge surge in opportunity zone interest from investors in Q1 2021 and closed this fundraise amidst ongoing demand once we reached our target raise. We have seen increased interest in opportunity zone projects and expect that interest to remain strong given the ongoing political discussions surrounding potential changes to 1031 exchanges and other tax-advantaged real estate strategies.”
Oakland Waterfront is Cityview’s third opportunity zone project with the development and investment firm currently under construction on Adams & Grand, a $125 million mixed-use opportunity zone project located in a fast-growing area of Los Angeles near the University of Southern California. Adams & Grand broke ground in December 2020 and is expected to complete by early 2023. Cityview also previously developed Mira, a 174-unit project located in a qualified opportunity zone in Warner Center, which Cityview sold pre-temporary certificate of occupancy to an opportunity zone buyer.
“Cityview has a strong track record of developing high-quality multifamily communities in markets that later qualified as opportunity zones; we approach opportunity zone investments with the same acumen as any of our other real estate investments,” added Jen Halvas, SVP of Operations, who spearheaded opportunity zone investor fundraising for both projects. “Both Oakland Waterfront and Adams & Grand met our rigorous investment criteria, and the opportunity zone benefits only made these investments more attractive.”
Cityview is partnering with general contractors James E. Roberts Obayashi and Webcor, architecture firm AC Martin and interior design firm Nadia Geller Designs on Oakland Waterfront.
In addition to Oakland Waterfront and Adams & Grand, Cityview is developing Liv at Pico, a 123-unit mixed-use community in Mid-City Los Angeles that recently broke ground and Belle on Bev, a 243-unit multifamily community in Historic Filipinotown Los Angeles that is expected to break ground next month.
Founded in 2003, Cityview is a premier real estate investment management and development firm dedicated to redefining 21st century living. Focused on developing, acquiring and operating value-add multifamily and mixed-use projects in high-growth markets in the Western US, Cityview connects the comforts of home with the energy of city life. Cityview investments have generated more than $4 billion in urban investment across more than 100 projects to date. For mor