Privately held multifamily development and investment company St. Anton Partners in Sacramento is adding yet another project to its expanding Bay Area portfolio.
St. Anton has partnered with Facebook to build a $120 million, 394-unit housing community within walking distance of Facebook’s Menlo Park headquarters and the company’s new West Campus, now under construction.
The apartment community will be called Anton Menlo.
Officials said the site recently received final zoning approval from the Menlo Park City Council and is in the design review phase with city staff.
Designed by Irvine-based architecture firm KTGY Group Inc., the infill redevelopment project is on nearly 10 acres of formerly industrial land off Highway 101.
Steve Eggert, St. Anton co-founder, said “we’ve enjoyed partnering with Facebook to create new housing in Menlo Park. With the guidance of Facebook and its employees, we have designed a cutting-edge project that meets the needs and tastes of today’s sophisticated renters.”
Anton Menlo’s amenities will include a convenience store, cafe, sports pub, bicycle repair shop, pet services, wellness/training facilities, pool/spa, a business center and a rooftop entertainment deck with three themed areas.
Anton Menlo will feature 35 studio residences, 208 one-bedroom residences, 139 two-bedroom residences and 12 three-bedroom residences. Facebook has funded 15 low-income units for the project.
“At over 630,000 square feet, this project is one of the largest new construction rental residential projects in the state,” said St. Anton’s other co-founder, Peter Geremia.
Demolition and grading are scheduled to commence this month, and construction is expected to take 24 months.
The Facebook partnership is just the latest in a series of deals St. Anton has completed or has in the pipeline, totaling more than 2,000 units in the Bay Area. The Bay Area push has occurred over about four years.
The Anton Menlo announcement comes just weeks after ground was broken on Anton 1101, a nearly 100-unit infill project in Sunnyvale. The $40 million “luxury rental living” project on 2.5 acres of former industrial land contains many of the amenities being touted for Anton Menlo. The Sunnyvale complex is expected to open in late 2014.
Overall, St. Anton said it has developed more than 6,000 rental apartment units and invested in land and commercial projects with a value of $1 billion.
St. Anton recently made news in downtown Sacramento as one of the reported sellers of a row of boarded-up storefronts in the 1000 block of J Street to an undisclosed Southern California investment company. That deal reportedly is for $7 million.
St. Anton was founded in 1995, bringing together partners from diverse backgrounds – Geremia, a multigenerational business owner, and Eggert, a tax attorney and former U.S. Army Ranger. They closed their first three deals within two years of starting out.
Call The Bee’s Mark Glover, (916) 321-1184.