O’Brien Homes, a Bay Area-based home builder, has sold a 9.09-acre development site in Suisun City, California, to Red Tail Multifamily Land Development, a California-based multifamily developer. Kidder Mathews multifamily investment broker Matthew Clark represented the seller and was the only broker involved in the transaction.
Suisun City continues to be a market that performs well with positive rent growth in 2020 and 2021. This 180-unit garden-style development will be the first market-rate apartment project for the city in over 30 years. Since the start of the pandemic, garden-style apartments have been increasingly popular, offering residents more space in a lower density setting. As a Class A building, rent will average around $2,400 per month.
“This well-located project will be a great addition to Suisun City and Solano County,” said Clark. “The suburbs continue to be of high interest for developers looking in the Bay Area, and Solano County has weathered the pandemic well as residents have sought out more space.”
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Kidder Mathews is the largest independent commercial real estate firm on the West Coast, with 900 real estate professionals and staff in 21 offices in Washington, Oregon, California, Nevada, and Arizona. Kidder Mathews offers a complete range of brokerage, appraisal, asset services, consulting, project and construction management, and debt & equity finance services for all property types. The firm performs $8 billion in transactions, manages 70 million square feet of space, and conducts over 1,800 appraisals annually. For more information, visit kidder.com.