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02 JUNE 2022
Grosvenor, a privately owned international property group, announces the acquisition of 2600 Telegraph Avenue in Oakland, CA, where they will begin construction in early 2023 to develop 225 rental homes and 6,000 square feet of specialty retail space.
Fifteen of the homes will be affordable for local residents earning incomes less than 50% AMI (Area Median Income). The infill site is set within the amenity-rich KONO District (Koreatown Northgate) and is adjacent to Uptown, as well as near major transit options and downtown Oakland.
The fully entitled site, comprising two parcels totalling 39,492 square feet, is a continuation of Grosvenor’s strategy as also reflected in its other East Bay rental project soon to be under construction at 1951 Shattuck in Berkeley.
“Our latest acquisition, 2600 Telegraph Avenue, supports our continued desire to develop sustainable for‐rent residential product in the San Francisco Bay Area – notably in Oakland, a vibrant, culturally diverse city,” said Steve Buster, Grosvenor’s Senior Vice President of Development in San Francisco.
Consistent with Grosvenor’s ESG principles and its Net Zero Carbon Buildings Commitment, the project, comprised of all-electric units, will target net zero operational carbon and will target Greenpoint Rated Silver certification.
Focused on high-quality urban residential properties in vibrant, walkable transit-oriented neighborhoods in the San Francisco Bay Area, Grosvenor has been responsible for developing several notable infill residential projects, including 288 Pacific in Jackson Square, Crescent on Nob Hill, and 1645 Pacific at the intersection of three famed neighborhoods – Nob Hill, Russian Hill and Pacific Heights.
Next month, Grosvenor will break ground at 1951 Shattuck, a 163-residence Class A apartment building and a rare development opportunity for rental housing in downtown Berkeley. Located just one block from the University of California Berkeley campus, construction is expected to be completed in Q2 2024.
Vice President, Corporate Marketing & Communications, Grosvenor Property Americas
+1 604 640 3535