Development & Investment
Town29, Oakland, CA – Fund TEL & MPI 3
Acquisition Date / Target Exit Date:
April 2016 / March 2025
Site acquisition development commenced in 2016 with lease-up beginning in early 2018.
The 162 unit apartment community is located in Oakland’s Pill Hill neighborhood.
The five-story building includes 4,045 sf of ground-floor retail.
Madison Park targeted this Oakland submarket for development based on the expanding emand for more affordable market-rate in-urban housing and the dwarfing supply.
At the time of underwriting, the calculated sub-market housing demand was ~1,400 new units per year, of which ~875 units were being supplied. The demand was being under-met by ~40%.
The specific site was targeted based on it being situated between two dynamic and expanding development nodes along the Telegraph corridor in Oakland.
Performance & Status
Madison Park completed construction in October 2017 and leased-up and stabilized the asset over 7 months.
The asset has achieved average rents of $2,777/month ($3.47/sf).
The asset’s construction financing converted to permanent debt in February 2019.