BERKELEY, CALIF. – Olympic Residential Group (Olympic) will break ground today on a 99-unit market-rate residential mixed-use development at 2121 Dwight Way in Berkeley, California. The site is ideally located along Shattuck Avenue in downtown Berkeley and is in close proximity to public transit and popular restaurants, bars, retailers and the University of California, Berkeley. The site was acquired by Olympic on February 27th after the completion of all project approvals. The development is scheduled to be completed in the summer of 2016. The target renter profile includes an eclectic mix of young professionals attracted to the transit-oriented location, empty nesters, University faculty, and UC Berkeley students looking for a high quality housing option near the campus.
Olympic will pursue LEED Gold certification for the Christiani Johnson Architects-designed building. The development consists of 99 Class-A luxury apartment homes, a leasing office, and 5,100 square feet of ground floor retail space suited for a café and neighborhood-serving specialties. The 99 apartment homes are composed of a mix of studio, one bedroom, and two bedroom units ranging in size from 500 to approximately 1,100 square feet. The apartments include features such as high quality kitchens that include European-style cabinets, quartz countertops, stainless steel appliances and full-size front-load washer-dryers. The units also include expansive floor to ceiling windows, nine-foot ceilings, eight-foot doors, hard-surface floors throughout, and air conditioning. The transit-oriented development will include environmentally-friendly electric vehicle charging stations and car share parking spaces for resident and public use.
The sophisticated design features a robust amenity package that is unparalleled in the Berkeley submarket. The building amenities include a 3,875-square-foot roof deck with panoramic views of San Francisco, outdoor fireplaces, outdoor kitchen, gas grills, and spacious seating. There is a podium-level communal room that is designed to host small gatherings and opens up to a large landscaped courtyard, featuring a fountain and outdoor seating. The ground floor lounge provides a community gathering space that includes game tables, shuffleboard, high definition television and the latest Wi-Fi technology. The pet-friendly development will have outdoor spaces for resident pet enjoyment, including a dog washing station.
Olympic was founded in 2012 by Dan Deibel, a Bay Area multifamily development veteran that was formerly the Managing Director of Palo Alto-based Urban Housing Group, and held executive construction and development positions at Sares-Regis Group.
“We are thrilled to be back in Berkeley, and so pleased that we are making this important milestone with the 2121 Dwight Way development in the Downtown Plan Area,” Deibel said. “We feel that the vibrant downtown location-just a few blocks from BART-combined with the modern features of the building, will result in a fantastic community environment.”
Construction financing is being provided by MUFG Union Bank in San Francisco. The general contractor is Western National Builders of Irvine and Milpitas.
About Olympic Residential Group
Olympic Residential Group is based in San Carlos, California. Olympic is a residential mixed-use development company specializing in infill housing in California. Olympic is focused on development in job-centric, supply-constrained, high-growth markets where demographics, employment growth, and rental market fundamentals support new development and provide a strong basis for creating long-term value.
Olympic implements comprehensive, research-based underwriting practices based on thorough market analysis, accurate construction costs and operating expenses, and in-depth understanding of local economies. Olympic utilizes a detailed due diligence process that strives to ensure that each investment’s risks and investment return potential are carefully evaluated and optimized. The Olympic team has superior knowledge of the local markets, communities and politics, and has extensive experience in all facets of acquisition, design, construction and management.