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Southeast Corner of Davi Avenue & Civic Avenue Pittsburg, CA 94565
Quick Stats
Civic Station
Property
81 units
# Units
Southeast Corner of Davi Avenue & Civic Avenue, Pittsburg, CA
Address
Civic Station
Civic Station is an 81-unit multifamily development site in a prime, transit-oriented location walking distance to BART in Pittsburg, CA. The project is entitled with an approved condo plan allowing for either rental apartments or for-sale condominiums, and has been designed for the post-Covid era with a unit mix that includes 98% two-bedrooms and a direct access garage for every unit. Over the past 10 years, apartment occupancy in Pittsburg has averaged 96.1% and rents have grown by an average of 6.18%. The City of Pittsburg is forecasting 0 market rate apartment deliveries through 2026, offering a compelling opportunity to develop one of the best-located sites in the city while facing no supply-side pressure.
The project will be attractive to residents and families priced out of Walnut Creek and the Tri-Valley, where market rents are +$600 over pro forma rents at the subject property. The site also offers convenient access to major employers like U.S. Steel, Chevron, Shell, Kyocera, Benchmark, and Kaiser Permanente, as well as the global headquarters’ for Cerus, BioRad, Assetmark and BevMo!
1.
Fully entitled, garden-style project approved for either rental apartments or for-sale condominiums.
2.
98% two-bedrooms with every unit including a 1- or 2-car direct access garage.
3.
5-minute walk to BART, connecting riders to Walnut Creek (28 mins), Berkeley (60 mins), Downtown Oakland (50 mins) and San Francisco (63 mins).
4.
+$600 discount to market rents in Walnut Creek and Tri-Valley.
5.
Diverse employment base including major facilities for U.S. Steel, Chevron, Shell, BevMo! (headquarters), Cerus (headquarters), BioRad (headquarters), Assetmark (headquarters), Kyocera, Benchmark, and Kaiser Permanente.
6.
Strong multifamily fundamentals with occupancy averaging 96.1% and rents growing by an average of 6.18% since 2013.
INVESTMENT HIGHLIGHTS
7.
Zero supply side pressure with only no market rate apartment deliveries forecast through 2026.
The Location
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In California, Berkadia Real Estate Advisors Inc. conducts business under CA Real Estate Broker Lic. #01931050, Berkadia Commercial Mortgage LLC under CA Finance Lender & Broker Lic. #988-0701, Berkadia Commercial Mortgage Inc. under CA Real Estate Broker Lic. #01874116. For state licensing details for the above entities, visit: https://www.berkadia.com/licensing/.
San Francisco Office
BRETT BETZLER
Senior Managing Director
Brett.Betzler@berkadia.com
949.981.1196
CA BRE #01330214
Investment Advisors:
CONTACT
BACK TO TOP
KAOHU BERG-HEE
Director
Kberghee@berkadia.com
808.754.0033
CA BRE #0196886
Civic Station
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An entitled, 81-unit development site next to BART in Pittsburg, CA