BART Taps Pacific Development, Affirmed Housing to Turn Fremont Station Parking Into 643 Homes
Why this matters
Commercial real estate continues to digest a multi-year reset in cost of capital. Transaction velocity is below the 2019-2021 trend but improving, cap rates have stabilized across most stabilized property types, and the bid-ask gap has narrowed materially in the past two quarters. Sponsors with permanent capital and operating platforms have an advantage in the current execution environment. The next twelve months will continue to reward underwriting discipline and operational sophistication over balance-sheet aggression.
Editorial analysis · Real Estate Trail Editorial
BART's board voted unanimously on Oct. 22 to open exclusive negotiations with Pacific Development and Affirmed Housing on a 643-home, mixed-income project that would replace surface parking at Fremont Station and give…
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