(To read more on the multifamily market, click here.)
MILLBRAE, CA-Hearthstone, a San Rafael, CA-based institutional investor focused on residential, is acting as the money partner for the development of Millbrae Town Plaza. Expected to break ground next spring and open two years later, the project includes 110 condominium units and an undetermined amount of retail on about 1.6 acres.
The site address is 1355 El Camino Real. The development is south of Millwood Drive and east of the Green Hills Country Club. The four-story community will sit on a two-story subterranean garage and have 97 units on the upper floors and 13 live-work spaces on the ground level.
Hearthstone is providing all $62 million of the project's development cost. Its local development partner is Redwood City, CA-based SilverStone Communities. SilverStone chief executive John McMorrow tells GlobeSt.com the first units will come to market in summer 2007.
Condominium units are expected to range in size from 704 sf to 1,970 sf, and in price from the mid $500,000s to $850,000. In-unit amenities will include granite countertops, tile flooring and gas ranges and common amenities include inner courtyards, a lap pool and a fitness center. The expected sellout is at least $74 million.
Anthony Botte, Hearthstone senior vice president for the western US, says that with the median price of new homes in San Mateo County moving past the $900,000 mark, "condominiums remain a welcome alternative for buyers priced out of the region's housing market."
McMorrow says there are two other condominium projects in Millbrae, one that's already under way and another that won't get under way until after Millbrae Town Center. The one already under way, 88 South Broadway, is a 113-unit project that has not yet begun to market its unit despite one building being substantially complete.
Earlier this year, Hearthstone committed nearly $33.7 million to SilverStone in a lot option transaction to build 80 condominiums at Cupertino Town Center at De Anza Boulevard and Town Center Lane. In 2004, Hearthstone provided over $1 billion in financial commitments to the homebuilding industry, funding the development of 7,000 homes by 15 builders in 30 residential developments in seven states.
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