Residential boom: Irvine pumps 2,000 apartments into Silicon Valley
The Irvine Company has begun work on three projects that will eventually add roughly 2,000 new apartments to the South Bay.
It's the latest evidence of the Newport Beach-based company's continued expansion in the region as Irvine executes on a series of land acquisitions made in recent years.
The projects include two new communities in San Jose -- River Oaks and Brandon Park -- and one in Sunnyvale, called Stewart Village.
Irvine has been one of the largest builders of apartment communities during the recent recovery, but it is not alone. Driven by strong rent and job growth, builders such as St. Anton Partners, Prometheus, BRE, AvalonBay and Essex Property Trust have loaded up on new units from the Peninsula to San Jose.
It's not hard to see why: Silicon Valley apartment rents resumed their upward trajectory in the second quarter, with the average monthly sticker price reaching $2,128, according to market tracker RealFacts. That was enough to earn the San Jose-Sunnyvale-Santa Clara the top spot among California metros.
What's on tap
Irvine's biggest new development, Brandon Park, is on the 33-acre former headquarters of Wyse Technologies Inc. on the west side of North First Street between Tasman Drive and Montague Expressway in San Jose. When complete in late 2016, the project (formerly called "Riverview") will include some 1,308 units. (An affiliate of Wyse is also building about 400 units on its own adjacent to the project.)Irvine is currently pouring foundations and putting in infrastructure such as streets, said company spokesman Michael Lyster.
In its design, the phased project is somewhat of a departure for Irvine, which has shown a penchant for classic Italian-inspired architecture. On tap at Brandon Park: a contemporary look with buildings that will rise five stories over one to three levels of parking.
Nathan Donato-Weinstein covers commercial real estate and transportation for the Silicon Valley Business Journal.
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