Marcus & Millichap has been selected to exclusively market for sale Silvergate Apartments, an entitled multifamily development opportunity located at the end of Business Center Drive. It is near the intersection of two main arterials, O’Hara Avenue and Sand Creek Road in Contra Costa County, Brentwood, California. The subject is a proposed Class A garden-style apartment complex on one 8.31-acre parcel with convenient access to main city arterials and nearby local amenities. When complete, the development will feature 36 one-bedroom-one-bath units and 130 two-bedroom-two-bath units with a covered and uncovered parking available at a ratio of 2.10 per unit.
As proposed, the development will yield approximately 172,940 square-feet of net rentable area on 14 three-story buildings, plus a clubhouse with leasing office. The complex will feature modern amenities such as individual patio/balconies, washer/dryers, stainless steel appliances, and pool. The 1 BR / 1 BA and 2 BR / 2 BA units are 810 & 1,106 square-feet respectively. The project is anticipated to be completed by May 2019 and reach stabilized occupancy by April of 2020. As the newest market rate apartment property in Brentwood and one of four 100+ unit developments in the city, it will be a top competitor when complete.
The property is well located in Brentwood less than one mile from (17 min, 0.9mi, walking distance) Downtown Brentwood and less than half a mile from the nearby shopping center which includes a local Dollar Tree, McDonalds, a county employment & human services office, in conjunction with local restaurants and eateries. Following in the footsteps of the greater Bay Area, Brentwood offers its citizens accredited and highly rated public schools ranging from K-12 grades such as Adams Middle School, Heritage High School, and nearby Liberty & Independence High Schools. When complete in 2018, driving time to the Antioch BART station at the Northeast part of town will be approximately 8 minutes and 3.2 miles.
