A Message from the CEO

One aspect of our business is its unpredictability. I find that no matter how long you have managed investment real estate you cannot foresee much of what is going to happen. While we all diligently prepare forecasts and share opinions of what to expect, surprises always appear. Candidly, I think that variability makes our business so interesting.

This year has been a challenging but overall, a positive year. Our management business has continued to grow. The multifamily rental market has experienced strong occupancy coupled with market rents that have ranged from stable to modestly increasing depending on the submarket. As mentioned later in this letter, our leasing of new multifamily properties has gone well for our clients. We have witnessed an increase in the number of multifamily properties coming to market. Those have been met with strong buyer demand, and valuations have improved. However, while investor sentiment remains optimistic, underwriting is generally more conservative than before COVID. The commercial property side of our business still continues to be very sensitive to the type of property and specific location. Office properties in most markets continues to be very challenged while uses like medical office and industrial have performed better although industrial user demand peaked last year. Well located newer retail centers have also seen improved lease activity. Commercial property valuations still struggle.

I will steer clear of political comments, except to congratulate the California Apartment Association and its allies, led by an extraordinary group of large multifamily owners, for the defeat of Proposition 33. This rent control measure would have been devastating to rental property operations and valuations. For the third time in six years, this group organized and executed a sophisticated campaign to soundly defeat rent control. The effort was costly but necessary. I thank our clients as well as all property owners who financially supported the effort. Their investment saved our multifamily industry.

In closing, I want to thank our clients who put their trust in our company. I also thank our extraordinary Woodmont team for everything they do each day to earn that trust.

I wish everyone a very joyful holiday season and a great 2025! 

Ron Granville, CEO, CPM^®

Multifamily News

Artisan Crossing (pictured above) and Station 16 have achieved stabilization, with leasing levels of 96% and 91%, respectively.

Woodmont started leasing Artisan Crossing (Belmont) in late 2023 and the community has achieved 96% occupancy in under 12 months. The four-story, 250-unit apartment community features one-and-two-bedroom apartment homes, a large clubhouse, fitness center, pool and spa and a rooftop terrace.

Concurrently, Station 16, the apartment component to Republic Urban’s transformative, mixed-use development in Millbrae, has reached 91% leased. The community is comprised of 320 units configured as studios, one-and-two-bedrooms.

In addition to Station 16, Gateway @ Millbrae Station includes 38,000 square feet of retail space, approximately 155,000 square feet of Class A modern offices with three stories and an 80-unit, below-market rate (BMR) apartment community targeted for veterans called The Rollins, as well as a new hotel – the Residence Inn by Marriott.

Recently, Woodmont Real Estate Services added three East Bay multifamily communities comprised of nearly 900 apartment homes to its property management portfolio. The three communities include:

Emerald Park, Dublin, 368 units; one, two, and three-bedrooms

Palm Lake, Concord, 300 units; studio, one and two bedrooms

Hacienda Commons, Pleasanton, 212 units; one and two bedrooms

This is the third-consecutive year that Woodmont has landed a new account comprised of a large portfolio of multifamily communities owned by private investors. In October 2023, the company announced it had initiated property management and leasing services in the East Bay cities of Concord, Benicia, Union City and Alameda, as well as one in South San Francisco – all owned by a private investor. In 2022, Woodmont took over management of a 1,300-unit apartment portfolio.

Commercial Corner

Woodmont Real Estate Services Adds Santa Rosa Shopping Center to its Portfolio of Commercial Assets Under Management

Woodmont Real Estate Services has expanded its retail property management coverage by adding Rosewood Village Shopping Center in Northwest Santa Rosa to its portfolio of commercial assets under management.

Concurrently, Woodmont is repositioning the center by completing various capital improvements including and conducting general cosmetic improvements to enhance the center’s appeal to the community.

Rosewood Village is located at the southeast corner of Piner Road and Marlow Road and comprised of five buildings and 50,302 square feet of retail space. It was originally built in 1988-1989 to serve the substantial population growth and new housing in the Northwest portion of Santa Rosa.

The Army Corps of Engineers signed a multi-year lease to occupy approximately 5,000 square feet in the largest building at the shopping center, and is underway with tenant improvements (TIs). The Corps plans to open a recruiting center in the first quarter next year for the U.S. Army, Navy, Air Force, Marines and Coast Guard.

Improvement costs to the center, including TIs for the Army Corps, are expected to exceed $1 million.

In addition to Rosewood Village Shopping Center, in the North Bay Woodmont Real Estate Services manages 13 commercial properties and 12 apartment communities.

People

Photo: Left to Right Mia Little, Multifamily Regional Manager; Michelle Piazza, Commercial Regional Manager; Jerrid Vannelli, CPM®, ARM®, Senior Vice President, Multifamily

Mia Little was promoted to Regional Manager (Multifamily) and Michelle Piazza was hired as a new Commercial Regional Manager.

Mia joined Woodmont in 2011 as a leasing consultant and was promoted to Property Manager in 2016. She has served the company and clients in lease-up periods in five projects, including Station 16 in Millbrae and Sunsweet in Morgan Hill. She now oversees communities between Burlingame on the Peninsula to Morgan Hill in the South Bay.

One of her favorite stages of community management is marketing apartment homes, with its high demand and fast-paced environment. A very detail-oriented professional, Mia enjoys leadership and being part of each asset’s success. The San Jose native lives in Gilroy.

Michelle joined Woodmont in April 2024 with more than two decades in commercial property management. She started her career in 1999 with an Executive Suites management company and moved to commercial properties in 2004 with a San Francisco-based family office. Prior to joining Woodmont, she managed a large office asset for TMG Partners in Silicon Valley.

An active BOMA member, Michelle now manages over 20 commercial property assets (office, retail, industrial) in Fremont, Newark, Morgan Hill, Campbell, Millbrae, Daily City and South San Francisco. Originally from Michigan, she moved to California as a teenager in the late 1980s and resides in San Jose. She enjoys interacting with people and the constant variables and challenges of working in commercial property management.

In August, Jerrid Vannelli, CPM®, ARM®, was appointed to the Housing Industry Foundation’s Board of Directors. The Senior Vice President/Multifamily Operations said at the time: “My motivation to support HIF is fueled by a commitment to addressing housing insecurity and homelessness. Through my extensive background in multifamily real estate operations, I recognize the critical importance of affordable housing initiatives in creating stable and thriving communities.”

Jerrid joined Woodmont in 2008 as a Regional Property Manager and has held increasing levels of responsibility over his 16 years with the company. Since 2019, he has served as Senior Vice President of Multifamily Operations overseeing company-wide operations and management duties, reporting directly to the President of Multifamily Operations. In addition to managing his own group of multifamily communities, Jerrid actively leads Woodmont’s team of Multifamily Regional Managers, each of whom is responsible for their own portfolio of communities in Northern California.