MILL VALLEY, Calif. — (RealEstateRama) — Trammell Crow Residential (TCR), the multifamily real estate developer, along with Town of Danville Mayor Robert Storer, City Councilmembers and other local leaders, recently celebrated a construction milestone on the first new residential rental community in Danville, the Alexan Downtown Danville, which will offer 144 luxury apartment homes located within walking distance of Danville’s Historic Downtown District. The new $90 million apartment community located at 375 Diablo Road in Contra Costa County commenced framing and is scheduled for completion in summer 2020.
“This is the first apartment development of scale that has been approved by the Town of Danville in decades,” said TCR’s Senior Managing Director Bruce Dorfman. “Danville is one of the East Bay’s most prestigious and supply-constrained communities. The existing apartment stock is very limited and does not contain any Class A product and, with an average vacancy of 1 percent, renters have very few options. Pair that with the lack of affordability of for-sale housing, and Alexan Downtown Danville will provide a favorable option for first-class living in a highly sought-after, walkable downtown location.”
Situated at the intersection of Diablo Road and I-680 on 3.75 acres, Alexan Downtown Danville will offer convenient access to I-680 freeway and the East Bay’s major job centers as well as the Walnut Creek BART Station, just eight miles north from the site. Danville’s community of nearly 48,000 people provides a small-town atmosphere, with highly regarded schools and an outstanding quality of life. Furthermore, Danville was once again named the safest city in the state of California, according to SafeWise, an online safety resource, which analyzed the state’s communities to find the 50 safest cities.
“This is truly a remarkable day in Danville history,” said Mayor Robert Storer, Town of Danville. “This project will allow Danville to achieve its workforce housing numbers, but more importantly, it will allow 144 families to appreciate the comfort and safety this town offers its residents. It’s a wonderful community to live, work and raise your family.”
According to Dorfman, TCR is working with the Town to build a pedestrian bridge over San Ramon Creek to provide a direct link from the new apartment community to Danville’s Historic Downtown District, the public library, Danville Community Center, quality schools, and other public amenities. Residents will also have convenient access to shopping, restaurants, services, entertainment, museums and parks, making this site an ideal location for individuals as well as families.
In addition to the amenities of the Town of Danville, residents of Alexan Downtown Danville can enjoy residential units that are well-appointed and offer finishes more frequently found in custom single-family homes. The apartment community’s amenities include a clubhouse with a lounge, conference room and business center, state-of-the-art fitness center, and a package concierge. Outdoor amenities include a resort-style pool and spa, fire pit, an outdoor kitchen, grill stations and dining area, a children’s play area, pet park, and vista overlooking the adjacent San Ramon Creek. Alexan Downtown Danville will also have gated, private subterranean parking with electric vehicle charging stations.
The unit mix consists of a wide variety of floor plans including studios, one-bedroom, two-bedroom and three-bedroom apartments and townhomes, ranging in size from approximately 500-square feet to 1,600-square feet. According to Dorfman, over half of the units will offer two- and three-bedroom configurations, which is not typical of apartment communities. “We think the townhomes and larger units will be very appealing to young families and single-parent households with children,” noted Dorfman.
“I appreciate the long-term relationship between Trammell Crow [Residential] and the Town of Danville and acknowledge your good work towards making apartment living in Danville a reality,” said Mayor Storer. “Together we will enjoy a place that will bring new families to Danville who will enjoy all of its splendor and allow the next generation of families to call Danville home.”
TCR’s equity partner for the Alexan Downtown Danville is Barings Real Estate Advisers and the construction lender is Wells Fargo. LCA Architects is the project architect; Gates + Associates is the landscape designer; and Carlson, Barbee & Gibson is the civil engineer.
Trammell Crow Residential
Trammell Crow Residential (TCR) is a national multifamily real estate developer with a local presence in 13 key U.S. markets. Over 40 years, TCR has built over 250,000 premier multifamily residences, delivering amenity-rich communities in economically thriving locations nationwide. TCR and Crow Holdings Industrial (CHI) are part of the development platform of Crow Holdings, a privately-owned real estate investment and development firm with a 70-year history and a proven track record of performance, partnership, and innovation. For more information, please visit TCR.com
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MONAGHAN COMMUNICATIONS, INC.