Apartments of gray costing plenty of green
Huge growth in S.F.’s luxury buildings, but beware — the rents are skyrocketing
If you are in the market for a luxury apartment in San Francisco, you’re in luck. Especially if you like 50 shades of gray.
At least eight new apartment buildings in and around downtown started leasing in 2015 or will before the year is out. Together, they have 2,249 units, although a percentage of these are already leased and a handful are below-market-rate units, allocated by lottery through the mayor’s inclusionary housing program.
Many have breathtaking views, and rents to match. The Jasper, which opens in October, is asking $3,575 for a 539square-foot studio and $6,459 to $7,164 for a three-bedroom unit.
The “new metric” is around $5 a square foot per month, said Marc Babsin, a principal with Emerald Fund, which developed 100 Van Ness and the Civic. Rents at 100 Van Ness, which used to be the AAA building but has been transformed, range from $3,030 to $3,600 for a studio and reach $4,550 to $6,700 for two bedrooms/two bathrooms.
Among those that have opened, gray is by far the most popular color
scheme, but flooring runs the gamut from wood laminate to concrete to vinyl plank. Standard features include quartz or granite countertops, stainless steel appliances and an in-unit washer/dryer.
The real competition is in the common areas, where developers are offering amenities such as free Wi-Fi, rooftop decks, fire pits, outdoor grills, fountains, theaters, demonstration kitchens, office space, dog runs, bike parking, electricvehicle charging stations, valet parking and tenant trips and gatherings.
The new buildings join a raft of luxury apartments that opened last year and will be followed by more in the next year or two. There are about 6,000 apartments under construction (including affordable and senior housing) in San Francisco, compared with only 2,000 condos, according to Patrick Carlisle of the Paragon Real Estate Group.
After the recession, it was much easier to get financing for apartments, which were seen as a safer bet than condos. Although demand for housing in San Francisco continues to outstrip supply, whether the market can absorb so many high-end apartments is a question mark.
Tower Two at One Rincon Hill, a 298-unit building on Harrison Street, was being rented as apartments, but some of the top floors stood vacant. It was sold last month for $410 million to a group that reportedly plans to convert it to condos.
Developers don’t see that as a bad omen for luxury apartments. “The rents they set were very, very high. They weren’t looking for quick absorption. I think it was their plan all along” to make it a condo project, like the first Rincon Hill tower, Babsin said. “The market for condos is very strong. Not that many condos are being delivered.”
Other luxury apartments could also convert to condos if renters fail to show up in droves.
For now, high-end renters have plenty of choice. Here’s a look at some that are leasing
now or will be by year’s end:
1. Alchemy, 55 Laguna St.
Developer: Wood Partners Units: 330 (50 below market rate) Status: Will start leasing in the fall, first occupancy by year end. Rents: N/A Parking: About 250 spaces. Features: Bike shop, music room, roof deck.
2. Azure Apartments, 690 Long Bridge St.
Developer: Equity Residential Units: 273 Status: Five-story podium level is 30 percent leased. Tower leasing has not started. Rents: For podium level: Onebedroom, average size 750 square feet, average rent $3,800. Two-bedroom/two-bath, average size 1,064 square feet, average rent $4,850. Parking: 218 spots, $275-$375/ month Features: Outdoor courtyards, barbecues, fire pit, demonstration kitchen, bicycle storage and repair room, pet wash, fitness center (no classes but residents get a discount at UCSF gym). Resident events including “yappy hour,” drinks with pets. Units have vinyl plank flooring, full size washer/dryer.
3. The Civic, 101 Polk St.
Developer: Emerald Fund Units: 162 (19 below market rate) Status: Leasing starts in September, move-ins in December Rents: Not set but something like $2,600 for studios, $3,400$3,500 for one-bedrooms, $4,300 for two-bedrooms. Parking: 40 spaces, price not set. Features: Open-air atrium, three cascading roofs with 14-foot fire table, views of City Hall. Fitness center. Wood laminate flooring
4. Jasper, 45 Lansing St.
Developer: Crescent Heights Units: 320 Status: Leasing. Move-ins start in October. Construction finished by year end. About onethird leased. Rents: Studio, 539 square feet, $3,575. One-bedroom, 619-846 square feet, $3,935-$4,776. Twobedroom, 1,198-1,245 square feet, $5,594-$6,878. Three-bedroom, 1,451-1,506 square feet, $6,459-$7,164. Parking: 197 valet spaces, first spot is $350/month Amenities: Common areas have infrared fireplaces, colorchanging chandelier, theater, meeting spaces, gym with Woodway equipment and four classes per week, lounges with mega-screen TVs, indoor pool with disappearing nano doors, resident trips to Tahoe, Napa. One guest suite available for rent. Units have air conditioning, oak laminate floors.
5. MB360 phase 2, 1200 Fourth St.
Developer: Essex Property Trust Units: 172 units Status: Opening in November, leases available in mid-August Rents: Studios start at $3,200, one-bedrooms average $3,800, two-bedrooms average $4,900 Parking: 185 spots, $300/ month for first, $200/month for second Features: This is the building that burned in a fire last year. (The first phase, which didn’t burn, is 99 percent leased.) Clubhouse with billiard and poker table, catered gourmet kitchen, fitness center. Large floor plans up to 1,200 square feet for one-bedroom and 1,597 square feet for two-bedroom plus den. Townhome floor plans have street access.
6. Potrero 1010, 1400 7th St.
Developer: Equity Residential Units: 453 Status: Phase 1 leasing starts in October for December moveins. Rents: NA Features: Large complex going up along Interstate 280. Rooftop deck, fitness center, pet-grooming facility, bike-repair room, “maker space” for DIY projects.
7. 100 Van Ness
Developer: Emerald Fund Units: 418 (50 below market rate) Status: Opened in February, 80 percent leased. Rents: About $3,000 for a studio, high $3,000s for one-bedroom, high $4,000s to mid $5,000s for two-bedroom/two-bath. Parking: All taken Features: Roof has bocce court, community garden, heated benches, fire pits. Communal space has gym, library, conference room, game room, party room, lounge area with outdoor deck, wine storage lockers. Units have 10-foot-4 ceilings, air conditioning, floors are wood laminate and carpeting.
8. 1401-15 Mission St. (Formerly OM, new name coming)
Developer: Martin Building Co. (for owner Monogram Residential Trust) Units: 121 (18 below market rate) Status: Leasing and move-ins start in fourth quarter. Rents: N/A Amenities: “Supernova” art installation by Volkan Alka-noglu; rooftop deck with gym, fire pits, grills; enclosed dog run; wine and coffee bar; electric vehicle charging station; bike parking; on-site City Car-Share. Units have 10-foot ceilings, custom window coverings, vessel sinks, high-gloss color-dyed concrete floors.