SAN MATEO, CA – June 18th, 2014 – SRGNC MF, LLC a division of Sares Regis Group of Northern California (SRGNC) has completed construction on 888 San Mateo in partnership with the project’s owner, the AFL–CIO Building Investment Trust (BIT). The 158-unit luxury apartment community is located at 888 San Mateo Drive in San Mateo. 888 San Mateo is currently 70% leased and 60% occupied. Average rents are between $2,600 and $4,000 per month.
“888 provides the central peninsula with a new, sustainable, high-quality rental community for the region’s workforce,” said Ken Busch, vice president for residential development at SRGNC. “The location includes great walkability and transportation options and we hope to achieve the prestigious LEED Platinum certification for this amazing project.”
The transit oriented development (TOD) community, designed by TCA Architects, includes underground parking, a pool, spa, fitness center with cardio-theater, yoga and Pilates studio, outdoor kitchen and courtyard lounge, community room and the latest in technological amenities for its residents.
According to Thom Cox, CEO and Managing Partner of TCA, “With the challenging site shape and adjacent railroad tracks, the project was split into two linear buildings with a single underground parking garage, allowing for street level residential units with stoops to activate the street.”
The community’s location makes it exemplary urban-infill, while also ensuring access to variety of alternative transportation options: downtown San Mateo and Burlingame are bike friendly, and 888 San Mateo residents will have easy access to Caltrain. Every unit is equipped with low-volume water fixtures and Energy Star appliances, and all landscaping prominently features a variety of drought-resistant and California-native plant species to reduce water-use. Recycled wood-chip byproduct was also utilized for the wood-frame construction.
“The property’s craftsman motif features natural materials and warm color tones to complement the eclectic style of the homes in the surrounding neighborhood,” Cox added. The site had been a former auto dealership, vacant for almost 10 years.
SRGNC served as the developer for BIT and Sares Regis Group of Northern California will be the property manager. A joint venture of Devcon Construction, Inc. and Regis Contractors Bay Area served as the construction manager and general contractor.
About Sares Regis Group of Northern California
Sares Regis Group of Northern California and its affiliates, Regis Homes Bay Area and Regis Contractors Bay Area, are regional companies based in San Mateo, California, and are affiliated with Irvine-based Sares Regis Group. As leading developers and managers of commercial and residential real estate in the western United States, the companies have more than 6.5 million square feet of commercial properties valued at $500 million and over 2,800 residential units under development. Sares Regis Group has a combined portfolio of property and fee-based assets under management valued at more than $4 billion, including 13,000 rental apartments and 15 million square feet of commercial and industrial space. Since its inception, the company has acquired or developed approximately 46 million square feet of commercial properties and 20,000 multifamily and residential housing units. For more information, please visit: www.SRGNC.com.
About AFL-CIO Building Investment Trust
The AFL-CIO Building Investment Trust is an open-end commingled core commercial real estate fund with $2.9 billion in gross assets.
The BIT is managed and sponsored by PNC Bank, National Association (PNC Bank), as Trustee. PNC Realty Investors (PRI) provides investment advisory and management services to PNC Bank in connection with the BIT. The AFL-CIO Investment Trust Corporation provides marketing, investor relations, and labor relations services. For more information, please visit www.aflcio-bit.com.
About TCA Architects
Founded in 1993, TCA Architects specializes in the planning and design of next generation, high density, multifamily housing – taking pride in helping shape quality living environments for everyone. The firm’s collaborative approach and industry leading technological expertise have resulted in award-winning, sustainable projects that respect our communities and the environment. With studios in Oakland, Los Angeles, and Irvine, California, TCA has been recognized for their expertise in master planning and design for a variety of multifamily and mixed-use product. With more than 7,000 Bay Area residential units currently in development, the firm is one of northern California’s fastest growing multifamily architectural firms. For more information on TCA, its design talent and current projects, visit www.tca-arch.com.