By Jon Peterson
As the housing affordability continues to be an acute problem in the region, sales of land for additional housing show that interest in building homes in the region continues unabated. In Fremont, an East Bay community that for all intents and purposes sits on the northern boundary of Silicon Valley, a single site for 16 single-family lots that is up for sale at 38569 Mission Boulevard. The Mission Villas marketing brochure does not indicate a selling price, but the the location will certainly get a look from most of the housing developers in the region.
The existing owner of the site has selected the San Francisco office of Cushman & Wakefield through its Multifamily Advisory Group to be the listing agent on the sale. The owner, Roseville-based Saratoga Group, a small real estate development company led by Sam Hales and Kaitlin Do-Luong, has held the development site since 2013, according to public documents.
“I would think that this site would attract interest from both local and national single-family builders that are interested in finding a small project to put together in the East Bay. The site has a very good central location. It’s located 1.5 miles from the Fremont BART Station that the home owners could drive to and park at and is 3.2 miles from Interstate 680,” says Jason Parr, senior director with Cushman & Wakefield who is on the team leading the sales efforts. The others involved in the sale are Scott MacDonald, director, and Blair Powers, brokerage coordinator.
The development site has a tentative map approval through May 12th of 2019 for the 16 homes. The final map, improvement plans and joint trench plans have been drafted but have yet to be submitted to the City of Fremont for its approval. Construction drawings and architectural review are expected to be completed by the new owner of the development site.
Mission Villas is projected to have homes that will be targeting the first-time home buyers. “I would expect that the price point on the homes would be in the range of $700,000 to $800,000. Families would be a target for the homes. The project is located in a very strong school district,” said Parr.