The 75 new apartments will be located along W. Iowa Avenue, adjacent to the three existing Flats buildings.
SUNNYVALE, CA—Another decade and additional multifamily is getting churned out in the South Bay. With 75 new apartments at The Flats at CityLine Sunnyvale, this brings the number of homes in the downtown development to 273. The 125,000-square-foot building will expand on The Flats' existing fully leased 198-unit community and is expected to be ready for move-in by late 2021.
Developed by Sares Regis Group of Northern California, The Flats offers a collection of one-, two- and three-bedroom apartments with numerous indoor and outdoor amenities above ground-level retail. The 75 new apartments will be located along W. Iowa Avenue, adjacent to the three existing Flats buildings along Washington and McKinley Avenues. The Flats are within one to two blocks of Sunnyvale's Caltrain station as well as the many shops and restaurants on historic Murphy Avenue.
"With the existing apartments in The Flats fully occupied, we're excited to begin the next phase of construction for this important downtown community," says David Hopkins, chief operating officer at Sares Regis Group of Northern California. "Downtown Sunnyvale is in need of new housing, and we're grateful to have the opportunity to deliver this new collection of apartments to further complete the neighborhood. These homes, ideal for local workers and young families, are the next step in more great things to come for downtown Sunnyvale."
Of the 75 homes being built at The Flats, nine will be designated as affordable.
"We're excited to begin the process of delivering this additional new housing to downtown Sunnyvale, especially after seeing how well-received the first phase of The Flats was," Hopkins tells GlobeSt.com. "This next phase continues the great progress we're making to revitalize our downtown and make it a great place to live, work and play."
CityLine Sunnyvale is developed by STC Venture LLC, a joint venture between Sares Regis Group of Northern California and Hunter Properties. This development aims to enliven downtown Sunnyvale as a pedestrian-oriented mixed-use district featuring new residences, a large public plaza, shopping, entertainment options and office space planned across 36 acres.
Retail leases were recently signed with Pacific Catch, Urban Plates, AT&T and Namaste Nail Salon, which will occupy ground-level retail space beneath The Flats starting in 2020. Just around the corner, Salon Republic will occupy a 19,000-square-foot ground-level retail space beneath Target on W. McKinley Avenue with a new nearby Whole Foods Market and AMC Theaters to be open by early 2020.
"These new apartments are yet another exciting milestone toward meeting our housing needs and achieving our long-term vision for Sunnyvale's downtown," says Larry Klein, Sunnyvale mayor. "We continue to be pleased with CityLine's progress and the steps we're taking for our ever-evolving city center."
Multifamily construction will be abundant this year as 5,500 units are slated for delivery, the highest total this millennium. Northern sections of Sunnyvale will get much-needed supply amid sub-3% vacancy, while downtown San Jose will also record significant development as builders focus on areas that align with public transit routes, according to a report by Marcus & Millichap.
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Lisa Brown
Lisa Brown is an editor for the south and west regions of GlobeSt.com. She has 25-plus years of real estate experience, with a regional PR role at Grubb & Ellis and a national communications position at MMI. Brown also spent 10 years as executive director at NAIOP San Francisco Bay Area chapter, where she led the organization to achieving its first national award honors and recognition on Capitol Hill. She has written extensively on commercial real estate topics and edited numerous pieces on the subject.
