Publication: San Francisco Business Times
Date: September 9, 2011
After years of sluggish condo sales, many developers with projects that are finished, entitled or somewhere in between are looking at becoming apartment landlords.
One of the latest projects to join the trend is 555 YVR, an 87-unit building in Walnut Creek, which began leasing units in July.
“People don’t feel a great need to own real estate right now. They don’t feel secure in their jobs and the economy and I fully understand that,” said Bruce Dorfman, principal of Thompson Dorfman. “Meanwhile, the rental market is incredibly strong.”
Dorfman’s project hit the market in October 2009 and sold out about half the units for prices in the mid $300,000s to the low $600,000s before going rental. The units, ranging from one to two bedrooms, now rent from $2,275 to $3,200 monthly, or $2.50 to $2.90 per square foot.