Sares Regis Group of Northern California (SRGNC) announced the completion of construction and strong leasing Velocity at Celeste, their latest ground-up residential development in downtown South San Francisco featuring 195 rental apartments and adjacent to the city’s Caltrain station.
“We’re excited to bring 195 more homes to South San Francisco, a city very much in need of new housing to accommodate its growing population and its many new employees,” said Ken Busch, Director of Residential Development. “We’re excited to build on our previous success and strong reputation in South San Francisco and to continue to work in this vibrant market. Since opening in March, we’ve seen a level of interest and rents that have outpaced what we anticipated, proving that there is very strong rental demand for the right product in the right place in the Bay Area. The property is leveraging its proximity to Oyster Point and drawing residents from throughout the Peninsula.”
“We take pride in our track record of successfully navigating changing market conditions, as Celeste demonstrates with its construction start during the pandemic and its delivery into an unexpectedly high-interest rate market. Nonetheless, Celeste is already nearly 50% leased just two-and-a-half months after commencing leasing and well ahead of schedule – demonstrating the value of our intimate knowledge of this residential market,” said Andrew Turco, Vice President of Development.
“Providing housing at a mix of income levels is a key priority of South San Francisco, and Celeste is an important piece towards reaching our housing goals,” said Mayor Coleman. “As part of the Downtown Station Area Specific Plan, the transit-oriented development will allow residents to utilize several modes of transportation, increase pedestrian traffic and provide patrons for our local small businesses.”
Open to residents for just two-and-a-half months, leasing velocity has exceeded industry norms and is already approximately 50% leased. Average rents approaching $4,000 have demonstrated that South San Francisco has come into its own as a class-A multifamily residential location..
SRGNC has a pioneering record in South San Francisco. In 2019, SRGNC completed Cadence, a 260-unit apartment development now owned by Bell Partners and renamed Bell South City, across the street from Celeste. Celeste joins Cadence in demonstrating Sares Regis’s commitment to South San Francisco and track record of successful developments in this submarket. These projects further propel the city’s vision for its downtown under the Downtown Station Area Specific Plan.
BDE Architecture, a frequent design partner of SRGNC, is Celeste’s architect of record. SRGNC and BDE Architecture also partnered on the design and development of Village Walk, a collection of 15 new Craftsmen-style townhomes now for sale in nearby Belmont.
