Real Estate Deals of the Year: Elan Menlo Park
San Francisco Business Journal
March 22, 2018
Why it won: Developer Greystar has been feeding the Peninsula’s voracious hunger for apartments in recent years. The company has built 450 units on the Peninsula and has another 1,632 under construction there.
The company saw a big opportunity in 2014 when it purchased the 5-acre site in the former industrial area between the 101 Freeway and the San Francisco Bay in Menlo Park. Prior to the purchase, the city had not allowed multi-family development for 10 years.
Elan Menlo Park represented a rare opportunity to develop a three-story, garden-style apartment community in an area that needed new market-rate housing. It is located minutes away from employers including Facebook, Evernote, Google and Stanford University. Since beginning leasing in April 2017, Elan Menlo Park is 96 percent leased.
Elan Menlo Park
Address: 3645 Haven Ave., Menlo Park
Size: 146 units with over 17,000 square feet of indoor and outdoor amenity space
Contractor: JS Builders
Architect: KTGY Architecture + Planning