Mill Creek Announces Groundbreaking of Modera Lake Merritt

Mixed-Use Development Community To Add 173 Apartment Homes to Uptown Oakland

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Sep 11, 2019, 10:07 ET

OAKLAND, Calif., Sept. 11, 2019 /PRNewswire/ -- Mill Creek Residential, a leading multifamily investor and operator specializing in premier apartment communities across the U.S., today announced the groundbreaking of Modera Lake Merritt, a luxury mixed-use community in Oakland's thriving Uptown neighborhood.

Situated one block from Lake Merritt, a scenic lake and parkland just east of Downtown Oakland, Modera Lake Merritt will consist of 173 apartment homes and 1,650 square feet of ground-floor retail space. The site also features a near-perfect Walk Score of 99 and is within close proximity to many of the city's most desirable retail, dining and entertainment options. First move-ins are anticipated for late 2021.

"Uptown Oakland has blossomed into one of the Bay Area's finest entertainment districts, and it offers a little bit of everything, including arts and cultural options and unique restaurants and bars," said Dave Fiore, managing director of development for Northern California for Mill Creek Residential. "Residents of Modera Lake Merritt will get the best of both worlds, as they'll be within steps of everything the city has to offer while also having the tranquility of the lake in their backyard. We look forward to building a community that captures the essence of both."

Located at 1940 Webster Street, the community will be positioned on the northwest side of Lake Merritt and offer one of the most riveting urban lakefront views in the nation. Residents will be within steps of 75 acres of open space and more than three miles of lakefront pathway.

Modera Lake Merritt will also sit two blocks from a BART commuter station and within blocks of the Lake Merritt Office District, which includes 400,000 square feet of redeveloped office space anchored by Square, a flourishing financial tech services company. The city's excellent job market also includes Oracle, Pandora Media and Kaiser Permanente.

Modera Lake Merritt will offer studio, one- and two-bedroom homes with an average square footage of 710. The community design will consist of seven levels of residential homes above ground-floor retail space and one level of subterranean parking.

Community amenities will include a stunning rooftop deck with fire pits, barbecue grills and sweeping downtown views, a resident clubhouse, club-quality fitness center with a yoga studio, an automated package room and bike storage.

Apartment interiors will deliver a variety of high-end features and finishes, including stainless-steel KitchenAid® appliances and gas ranges, quartz countertops, custom cabinetry, Kohler plumbing fixtures, in-home washers and dryers, floor-to-ceiling windows and nine-foot ceilings. Select homes include a signature boutique option.

Modera Lake Merritt is Mill Creek's second community under construction in Oakland, joining Modera Jack London Square. The latter recently began preleasing homes at 378 Embarcadero West and will welcome first residents later this year.

About Mill Creek Residential
Mill Creek Residential Trust LLC is a national multifamily company focused on the development, acquisition and operation of apartment communities in targeted markets nationwide. The company proactively pursues development, acquisition and construction opportunities through its seasoned team of real estate professionals in 16 offices across the United States. Mill Creek is building its portfolio in many of the nation's most desirable apartment markets in Seattle, Portland, the San Francisco Bay area, Southern California, Denver, Dallas, Austin, Houston, South Florida, Tampa, Orlando, Atlanta, Nashville, Charlotte, Raleigh, Washington, D.C., New Jersey, New York, and Boston. As of June 30, 2019, the company's portfolio comprises of 75 communities representing over 19,800 apartment homes that are operating and/or under construction. For more information, please visit www.MillCreekPlaces.com.