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6/17/16
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ROEM Development Corporation purchased a 1.93-acre development site in the Bay Area for $11.5 mil. The property, located at 779 E. Evelyn Ave in Mountain View, was sold by New Urban Properties.
ROEM, a developer of affordable, multifamily housing, purchased the site for development of a res community, to be called 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.
New Urban Properties was represented by Justin Hedberg, Chris Rowe, and Matthew Clark of Kidder Mathews. The buyer was repped by Shaun Enferadi, also with Kidder Mathews.
“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.
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