June 16, 2016
New Urban Properties sells multifamily development land for $11.5 million
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San Jose, Calif. (June 16, 2016) - New Urban Properties, a commercial real estate investment company, has sold a 1.93 acre development site to ROEM Development Corporation for $11.5 million. New Urban Properties was represented by Kidder Mathews commercial real estate brokers, Justin Hedberg, Chris Rowe, and Matthew Clark. The buyer was represented by Shaun Enferadi, also with Kidder Mathews.
ROEM, a developer of affordable, multifamily housing, purchased the site, located 779 E Evelyn Avenue in Mountain View, California, for the planned Evelyn Family Apartments. The project will be funded by Mountain View's affordable housing subsidy. The two office buildings currently occupying the site will be demolished and replaced by a three- or four-story, 116-unit apartment complex. Construction is planned to begin in late 2016.
"This is a large multifamily development project, and it will help ease the pressure for affordable housing on the Peninsula and the Bay Area," said Clark.
About Kidder Mathews
Kidder Mathews is one of the largest independently owned commercial real estate firms on the West Coast, with over 550 real estate professionals and staff in 14 offices in Arizona, California, Nevada, Oregon, and Washington. Kidder Mathews offers a complete range of brokerage, appraisal, property management, consulting, sustainability, and project and construction management services for all property types. The firm performs $4.7 billion in transactions, manages over 37 million square feet of space, and conducts over 1,300 appraisals annually. For more information, visit www.kiddermathews.com.