Sep 19, 2019

First look: Trammell Crow debuts huge new Oakland apartment complex

San Francisco Business Times (Sep 5, 2019) - Another huge apartment building is kicking off leasing in Oakland. More than three dozen renters have pre-leased homes in the Alexan Webster, a 234-unit building at 2330 Webster St., with move-ins starting in November.

The $135 million project, developed by Trammell Crow Residential, replaced a surface parking lot with a seven-story building in Oakland’s burgeoning Uptown district.

“Alexan Webster is the answer to that common question, ‘Do we pick Uptown or Lake Merritt?,’” said Jonathan Figone, regional portfolio manager for Legacy Partners, which will manage the Alexan. “This exciting new community is the best of both worlds. You can walk to the 19th Street BART Station, the Hive, the Paramount and Fox theaters, Lake Merritt, Whole Foods, award-winning restaurants, bars and cafes, and multiple coworking spaces in and around downtown Oakland.”

The Alexan includes apartments ranging from studios to three-bedrooms from 610 to 1,160 square feet. Rents go from $2,920 for a studio, $2,705 to $3,600 for a one-bedroom, $4,100 to $4,850 for a two-bedroom and around $4,900 for a three-bedroom.

About 15 percent of the homes are set aside for renters earning between 50 and 120 percent of the area’s median income.

Future residents will have access to amenities including a pool, gym, business center, rooftop lounge, bicycle repair shop and a pet spa.

Designed by KTGY Architecture + Planning, the project includes 15,000 square feet of retail in the Oakland’s former Auto Row district. The area was upzoned several years ago to attract about 3,000 new homes and 360,000 square feet of retail development that has resulted in hundreds of apartments now hitting the market.

Across the street from the Alexan, developer Wood Partners is leasing up Alta Waverly, a project that was delayed by a construction fire in 2017.

Last fall, the Martin Group opened up The Broadway, a 423-unit development on the site of a former Chevy dealership.

“We’re excited to introduce Alexan Webster to this vibrant part of Oakland,” said Stephanie Hill, vice president at Trammell Crow Residential, in a statement. “The neighborhood really speaks for itself, offering residents a long list of social and recreational options.”

This overview is designed to introduce Crow Holdings and its various operating companies. Crow Holdings Capital is a U.S. SEC registered investment adviser and is the manager to the Crow Holdings Capital Funds. Maple Capital Management, L.L.C. is a U.S. SEC registered investment adviser and is the manager of the Crow Holdings Industrial Build-to-Hold Fund. Crow Holdings Capital, Trammell Crow Residential and Crow Holdings Industrial are operated separately and independently from one another with separate senior leadership and investment committees. SEC registration does not imply a certain level of skill or training.