CEO Letter
This year has been very positive for Woodmont. Our business has continued to grow with new properties under management both from existing clients and new clients to our firm. The multifamily rental market has experienced strong occupancy and moderate-to-strong rental growth, depending on the submarket. Our properties in San Francisco have benefited from dramatic rental growth driven by the strong employment market especially in AI-related companies. Our commercial properties are generally doing well, however, over supply in certain submarkets still creates occupancy and rent rate challenges. We are optimistic that commercial occupancy will continue to improve in future quarters.
Operating expenses have been impacted by the strong employment market and general inflationary pressures. Our creative efforts to control expense growth continue. For a myriad of reasons, economic and other, new multifamily construction remains limited despite strong renter demand. A limited number of new multifamily construction starts demonstrates that a pathway exists for new development and investors and builders remain committed to this real estate sector. We remain confident the new projects will succeed and that development becomes feasible on a broader scale in the near future. The region clearly needs more housing. I want to thank all our clients for their continued confidence in our firm and all our team members for their hard work providing superior performance and service to our clients, and to all those that live and work in the properties we manage.
Multifamily News
First Units at The Colton Released Over Labor Day
Leasing has commenced for the first 214 apartment homes in two buildings associated with The Colton, The Sobrato Organization’s (TSO) market-rate apartments at Broadway Village in Redwood City. The apartment homes available for lease are move-in ready and span a 6-story building. When complete, The Colton will boast a 398-unit community, which also includes over 11,000 square feet of retail suites and a 10,000+ square-foot childcare center. Broadway Village also features The Millton multifamily community (also managed by Woodmont) – 120 below-market-rate (BMR) apartment homes. Rents at The Millton range from 30% and 80% of the region’s Area Medium Income requirements for Redwood City, and the community is already 80% leased.
When Culture and Strategy Integrate to Become Your Brand and Corporate Identity
In August The Registry SF, one of the leading commercial real estate and multifamily media companies in Northern California, published an article by Woodmont’s Jeff Bosshard, CPM®, President of Multifamily Operations. The article discusses Woodmont’s culture as it has developed and evolved over the years, along with the firm’s approach and strategy for serving the commercial and multifamily real estate industry in the region. Click here to read it:
Commercial Corner
The commercial operations at Woodmont acquired two recent management accounts on the San Francisco Peninsula. According to Scott Pritchett, CPM®, President of Commercial Operations, the accounts represent his team’s steadfast efforts and strong regional relationships serving local, regional, and institutional investors and asset managers. Here’s a summary of the new accounts.
Redwood Junction Industrial Park
Redwood Junction is a light industrial, multi-tenanted flex-space business park located at 2682–2694 Middlefield Road in Redwood City in 7 buildings. Total square footage is approximately 240,000 square feet and space is available for lease on a limited basis. The leasing brokers are Robert McSweeney, Karl Hansen, and Matt Murray with CBRE.
Key features include 3-phase power, skylights, three grade-level or dock-high, drive in loading doors, and clear heights ranging from 12 to 22 feet. The property is centrally positioned on the San Francisco Peninsula just off Highway 101, about 20 minutes south of the San Francisco International Airport.
155 Jefferson, Menlo Park
This is a 32,466-square-foot flex building that was built in 1966 and is near Meta’s headquarters. Owned by a national investor out of Texas, the property features ISO 7 clean room; drop ceiling storage; shipping/receiving space, and is approximately 23 minutes to SFO Airport.
Welcome Tara Anderson
Tara Anderson Joins Woodmont Real Estate Services as Regional Property Manager
Woodmont Real Estate Services’ Jeff Bosshard, CPM®, President, Multifamily Operations, announced that Tara Anderson has joined the company as a Regional Property Manager.
Tara will oversee property management teams including onsite managers, leasing professionals and maintenance technicians throughout Woodmont’s multifamily portfolio of properties in several Bay Area submarkets and counties. She will work closely with Woodmont’s Vice President of Multifamily Operations, Angela Eackles.
Tara brings more than 25 years of property management experience. Most recently she oversaw 10 sites totaling 2,200 multifamily units with seven Bay Area clients, serving as the bridge between ownership and site teams. Along the way she has led major renovations, improved property performance, and built strong teams, often by bringing structure to how those teams operate. Tara believes great results start with integrity, clear communication, and treating people well.
Prior to joining Woodmont, she served as a Regional Portfolio Manager with FPI Management, overseeing daily operations, leasing and maintenance teams, annual budgets, mentoring and training new and existing staff, and maximizing the client’s return on investment.
Tara brings insightful, articulate, and long-term thinking and she understands the difference between solving a problem at a site and seeing how that decision impacts the larger portfolio. It is the type of critical thinking essential for her position.