Grosvenor Invests $12MM in Two Oakland Parcels, Plans 225 Homes

Grosvenor, Oakland, San Francisco, Berkeley, East Bay
Photo by Ronan Furuta on Unsplash

By Vladimir Bosanac

Oakland has proven to be a more affordable housing alternative to San Francisco in recent years, and residential development in the East Bay city has been robust over the last couple of years. This has prompted developers to seek opportunities for future development, one of the oldest in the world, Grosvenor, just invested $12 million in two parcels that could be redevelopment into residential properties in the future.

The sale, according to public documents reviewed by The Registry, includes two parcels located at 2600 and 2630 Telegraph Ave. It’s a location that today includes a mix of single-family homes, small retail, light industrial and multifamily developments. Most importantly, the lots are across the street from Telegraph Arts, a 97-unit apartment property that was completed in 2019. The lots are also across the street from Telegraph Lofts, an Art Deco structure constructed in 1929 and redone in 2002 to provide 54 live/work units. 

Grosvenor is planning to deliver 225 apartment homes on these sites, including affordable housing. “Grosvenor is excited about the opportunity to invest in Oakland and develop 225 new homes, including much-needed affordable housing. 2600 Telegraph is our most recent East Bay multifamily rental development following our 163-unit project at 1951 Shattuck in Berkeley, which is starting construction this quarter. We continue to believe in the long-term growth of the greater San Francisco Bay Area,” said Steve Buster, senior vice president of development for Grosvenor.

The company has had an operation in the Americas for over 70 years, and its Americas CEO, Steve O’Connell, is based in San Francisco. Grosvenor has been an active player around the Bay Area, Washington, D.C. and Vancouver, British Columbia. In San Francisco, the company recently announced the opening and sales for Crescent Nob Hill in San Francisco, a 44-unit condo development located at 875 California Street. The property was completed in 2020 and units range in price from $2 million to nearly $6 million. 

In the East Bay, Grosvenor spend $14 million in July of 2021 to purchase 1951 Shattuck in Berkeley. There, the company plans to develop a 12-story, 163-unit multifamily rental community atop 5000 square feet of ground-floor retail. 

West Coast Commercial Real Estate News