San Francisco Business Times staffer Roland Li reports that Lennar Multifamily Communities plans to break ground on Oakland's tallest residential tower and is also pursuing another project nearby, for a total pipeline of nearly 500 units.
The projects serve as witness to two phenomena: One, is that Lennar's embrace of for-rent business, flanking its top-three position as a single-family for-sale home builder, is clearly strategic and clocking in for the long haul. The other is that Oakland is truly transforming into a residential power player, fueled by mostly by multifamily development mojo, even as both rents and home prices continue to spiral up. Li writes:
The two developments are another sign of Oakland's newfound appeal to national companies as rents surge, but only a handful of new housing projects have started construction in the past three years, and the city hasn't seen highrise construction for eight years.
Lennar is aiming to change that.