Developed by AvalonBay Communities, a Alexandria, VA-based apartment developer, the twin 11-story towers feature a doorman, concierge and maid services, a private library and other features typically associated with New York Penthouses. Average rents: a New York-style $2,470 per month.
In trade, tenants get maple wood cabinetry, granite counters, wood or granite flooring, full-tile baths, upgraded lighting, technology wired with multiple voice/data/cable lines, fitness facility and pool and other items normally associated with custom homes, not found in for rent apartments.
Avalon Towers on the Peninsula is located at 2400 West El Camino Real, close to major employers, Stanford University, Palo Alto and Los Altos. The towers also are near VTA Light Rail and Cal Train and within minutes of Mountain View's popular Castro Street. The first tower is ready for move-in and the second will be ready in March.
Sources at AvalonBay say 10 of the first 30 residents to lease units are CEOs of major Silicon Valley companies. They also say they are pleased with the response to date, and so far and have not yet seen the need to offer concessions. If demand dies down, sources say one month of free rent might be offered.
The cost of Avalon Towers was not immediately available, but it could be flirting with the $100 million mark, as AvalonBay has estimated that its Avalon Madison development, a one-building, 16-story luxury apartment tower under construction in Downtown Seattle, will cost nearly $50 million.
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
*May exclude premium content© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
