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American Homes 4 Rent eyes Zillow flop on flips.Single-family rentals soaring in hot housing market.Asking rents for single-family homes have spiked 13% since January.The fastest-growing housing sector in the country, built-to-rent homes make up 6 percent of all homes being constructed in the United States, and according to the Times, that number could double in the next decade. Single-family homes constructed to be rentals started booming in 2020, when the number of homes built soared 30 percent year-over-year, the New York Times reported. Nearly $30 billion in debt and equity have entered the sector this year. Brad Hunter of Hunter Housing Economics claims almost 100,000 built-to-rent homes have kicked off construction this year alone, according to the Journal. Money and construction have poured into the property sector in recent months. Data reported by the Wall Street Journal show the expected risk-adjusted return on built-to-rent investments is 8 percent on average, higher than the weighted average return of 6.1 percent across all sectors. Securities advisory Green Street tracks investment returns on 18 different property sectors. Single-family homes built for rent are proving to be the strongest market angle for investors, delivering strong returns based on sustained demand, short supply and high prices. The properties reportedly offer investors an average risk-adjusted annual return of about 8 percent. “Through the park, river trail and future bridge, it could introduce this area to a range of community activity.” “The city has not had the funding to build that ourselves, so we rely on developers to piecemeal it together,” she said. Neighboring the parcel is the 39-acre former Pomeroy cement plant, where a mixed-use riverside development is expected to house a new headquarters for Amy’s Kitchen and up to 275 new housing units.Īltogether, the two parcels are significant infill properties once used primarily for industrial purposes, and form one of the few remaining blank spots on a map of downtown Petaluma.įor Benedetti-Petnic, the development of these two sites not only represents a shift in attitudes toward industrial site placement, but is also a big win for advocates of the long-sought River Trail linking Steamer Landing and Shollenberger parks. “But right now it’s a hotel and homes and a ballpark, so time will tell to see what other plans will look like.” “This project is really introducing a large amount of access to a part of town that we haven’t had access to before, and I hope we will see some more multi-family and affordable housing go in there,” said city engineer Gina Benedetti-Petnic.
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The hotel, slated to open at the end of the year, will feature an outdoor swimming pool and spa, a bistro, bar and outdoor dining area, along with meeting rooms and a fitness center.Ĭity planners have not received plans for the remaining elements of the project. Developer for the single-family project Tri Pointe Homes is finalizing their model homes this month, and is scheduled to begin construction on the remaining development in the next few weeks, Ursu said. Work began on the project late last year, with the Courtyard Marriott hotel now approaching completion. Reno-based Basin Street Properties is the project’s master developer and has had a hand in building several prominent projects in Petaluma, including the Theatre Square and Waterfront Office Building. “It’s intended to be a mixed use, walkable development that’s connected to the river, and eventually connect to the downtown area with pedestrian and bicycle paths,” Ursu said. New roads already snake through the parcel, including a city-led extension of Caulfield Lane that will eventually span the river and connect to Petaluma Boulevard South at the Crystal Lane roundabout. Plans for the site call for 134 single-family homes, 39 townhomes, 100 apartments, 60,000 square feet of office space, 30,000 square feet of retail space, as well as a ball field, central green open space and riverfront trail, according to city planner Emmanuel Ursu. The 36-acre Riverfront Development near Hopper Street and Caulfield Lane sits near the Highway 101 overpass on Lakeville Highway, between the Petaluma Marina and Steamer Landing Park.
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Crews and construction equipment are in full force on the more than 130 single-family homes and 122-room hotel, the first phase in a mixed development plan on one of Petaluma’s last remaining large riverfront parcels.