Five-Story Multifamily Mixed-Use Community Located Adjacent Caltrain’s Lawrence Station
SUNNYVALE, Calif. – Olympic Residential Group (Olympic) and J.P. Morgan Global Alternatives have broken ground on a five-story residential mixed-use apartment community at 1175 Aster Ave. in Sunnyvale, California, consisting of 412 for-rent apartment homes, approximately 1,500 square feet of ground-floor retail, and a 519-space parking garage. The community lies adjacent to Caltrain’s Lawrence Station, offering seamless connectivity to San Francisco, San Jose, and greater Silicon Valley.
The apartment community is part of a larger, 16.82-acre master plan development that was entitled by Olympic in 2018, which also includes 189 condominiums, 140 townhomes, and a two-acre community open space with a play area and dog run. The site was formerly the headquarters of Peninsula Building Materials, a local masonry and landscaping material supplier, and Calstone, a masonry block and paver manufacturer. The development is a joint venture between Olympic and institutional investors advised by J.P. Morgan Global Alternatives.
Olympic and J.P. Morgan will pursue GreenPoint Rated Gold certification for the Studio T-Square (STS)-designed building. The 412 Class-A apartments are composed of studios and one-, two- and three-bedroom apartment homes, averaging 905 square feet. Complemented by modern and sophisticated interior design by Jules Wilson Design Studio, the building will feature well-appointed residences with top-of-the-market finish levels. The comprehensive community amenity package will be highlighted by the Sky Lobby, an 11,800 square-foot rooftop lounge that includes a pool, outdoor kitchen, clubhouse, fitness center, and panoramic views of Silicon Valley. In addition, the first-floor amenity space will feature a co-working lounge, leasing center, package reception and mailroom, and a café adjacent to the Caltrain station that will be open to the public.
Olympic was founded in 2012 by Dan Deibel, a Bay Area multifamily development veteran who was formerly the managing director of Palo Alto-based Urban Housing Group and has held executive construction and development positions at Sares-Regis Group.
“The new development at 1175 Aster is part of a major redevelopment effort Olympic has been working towards for over five years, so we are incredibly excited to break ground on these new apartments,” Deibel said. Deibel has been instrumental in entitling and developing numerous Bay Area apartment developments throughout his career, including the entitlement of nearby Savoy Apartments on 1120 Kifer Road.
The site is steps away from Caltrain’s Lawrence Station, an essential stop along the central San Francisco-to-San Jose commuter corridor. The Caltrain system is currently undergoing modernization to replace 75% of the diesel-run train stock with quieter, more environmentally friendly electric-powered trains. Based on the current Caltrain weekday schedule, residents will be four minutes away from downtown Sunnyvale, nine minutes away from Mountain View, 21 minutes away from Palo Alto, 30 minutes away from Redwood City, and roughly one hour from San Francisco.
The general contractor is SBI Builders, Inc. of San Jose, California. Completion is slated for the summer of 2024.
Olympic recently completed Prism, a 13-story residential mixed-use community at 1028 Market St. in San Francisco. The new community consists of 193 for-rent apartment homes and approximately 5,500 square feet of ground-floor retail. The development, which is pursuing LEED Silver certification, is located in the city’s rapidly evolving Mid-Market corridor and is a short walk to Downtown San Francisco, Union Square, SoMa and the Civic Center.
About Olympic Residential Group
Olympic Residential Group (Olympic) is a San Francisco-based real estate development firm founded in 2012 focused on job-centric, supply-constrained, high-growth markets. With a deep understanding of the Bay Area’s unique fabric, we integrate extensive market knowledge, strong capital partnerships, and talented teams to build creative and enduring communities. Olympic partners with top-tier financial institutions to execute complex developments from the ground up and leverages our extensive local experience to advise landowners and other strategic partners.
About J.P. Morgan Global Alternatives
J.P. Morgan Global Alternatives is the alternative investment arm of J.P. Morgan Asset Management. With more than 50 years as an alternatives investment manager, US$213 billion in assets under management and more than 700 professionals (as of December 31, 2021), we offer strategies across the alternative investment spectrum including real estate, private equity, private credit, hedge funds, infrastructure, transportation, timber and liquid alternatives. Operating from offices throughout the Americas, Europe and Asia Pacific, our independent alternative investment engines combine specialist knowledge and singular focus with the global reach, vast resources and powerful infrastructure of J.P. Morgan to help meet each client’s specific objectives.