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5/01/19
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Equity Residential has submitted plans to the City of Mountain View to add 200+ apartments to its Reserve at Mountain View Apartments, located at 870 E. El Camino Real in the City of Mountain View. The proposal includes the addition of 25 below market-rate [BMR] residences. Currently, the community has no BMR units among its 180 one- and two-bedroom apartments.
Once approved and completed, the new BMR apartments will be offered at a price below the current rent-controlled rates at Reserve at Mountain View, and will remain BMR for at least 55 years. With the Reserve at Mountain View community covering nearly 10 acres, only 42 existing apartments will need to be vacated to make way for the new addition.
Residents who have incomes less than 120% AMI are not only being offered to have their relocation expenses covered, they have the choice on a first-come, first-served basis to relocate to a like-kind apartment at Reserve at Mountain View, or one of three other Equity Residential apartment communities in nearby Sunnyvale, where they will continue to enjoy their rent-controlled rate for three years, explained John Hyjer, First Vice President Investments and Development, Equity Residential. He added that instead of relocation, eligible residents can also avail themselves of a cash buy-out option 50% higher than the City requires.
Hyjer further clarified that all relocating residents, regardless of age or disability, are being given more than a full year to select the alternative housing option that best fits their needs – allowing for ample time to evaluate options and work with Equity Residential’s relocation coordinator.
The remaining 138 apartments within the 1965-era community have all been renovated or are in the process of being upgraded with new kitchens, quartz countertops, subway tile backsplashes, dishwashers, stainless steel appliances, new bathrooms, air conditioning, double pane windows, in-unit washers and dryers, honey oak hard surface flooring, and more.
“We know that existing and future tenants at Reserve at Mountain View Apartments will be very pleased with the new apartments and amenities. Not only are we creating an approximately 3.2k sf rooftop amenity terrace with an outdoor kitchen and lounge seating, we’re also adding a new 1.8k sf fitness center and upgrading the lifestyle at the community overall,” Hyjer concluded.
Construction on the new apartments is anticipated to begin in 2Q 2020, with estimated completion in 2022. The architect for the new apartments is Steinberg Hart and the landscape architect is San Francisco-based MFLA.
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