April 16, 2019
Equity Residential submitted plans to add more than 200 apartments to its Reserve at Mountain View Apartments, including the addition of 25 below market rate [BMR] residences. Currently, the 10-acre, 1965-era community in Mountain View, CA has no BMR units among its 180, one- and two-bedroom units.
Equity Residential’s John Hyjer (pictured) says, “Not only are we creating an approximately 3,200 square-foot rooftop amenity terrace with an outdoor kitchen and lounge seating, we’re also adding a new 1,800 square-foot fitness center and upgrading the lifestyle at the community overall.”
The new BMR apartments will be offered at a price below the current rent-controlled rates, and will remain BMR for at least 55 years. Just 42 existing apartments will need to be vacated to make way for the new addition. The remaining 138 apartments have all been renovated or are in the process.
Construction on the new apartments is anticipated to begin in Q2 2020, with estimated completion in 2022.
For comments, questions or concerns, please contact Dennis Kaiser