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Real Estate Deals of the Year: Town29

San Francisco Business Times | March 27, 2019

Why it won:

The long-awaited Town29 apartment project is one of Oakland’s largest in a decade. Originally approved with fewer homes back in 2007, the project was stalled by the recession. But the wait paid off because the development team of Madison Park, Rafanelli & Nahas and Curtis Development was able to get new approvals for a bigger project. The demand for more homes was clearly present: Town29 was fully leased within five months of opening last year.

Located between the MacArthur and 19th Street BART stations, the project consists of 162 residential units. Its amenities include a gym, pet spa, courtyards and barbecue areas.

It also represents a feat of cost control. The five-story building is short enough for wood-frame, rather than steel-frame, construction, which allowed costs to be kept to a minimum.

“By bringing units to market, it’s relieving pressure on the existing housing market.... It’s great for the consumer to have lots of choice,” said John Protopappas, CEO of developer Madison Park Financial.


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