Weekly Real Estate News
A new 172-unit apartment development in Los Altos, California, is preparing to begin leasing, with 29 of its homes designated for below-market-rate housing.
Prometheus Real Estate Group announced October 8 that Harken, at 5150 El Camino Real, will begin leasing this month. The developer expects initial occupancy in November. Those are announced plans, not completed move-ins.
The 29 below-market apartments account for approximately 17% of the project. The release does not disclose qualifying income limits, regulated rents or the duration of affordability requirements. Without those details, the degree of financial relief for eligible renters cannot be assessed.
Prometheus said Harken will offer one- and two-bedroom homes averaging 1,134 square feet. Amenities include a pool, fitness center and shared work areas. The property sits less than two miles from the San Antonio Caltrain station, between Los Altos and Mountain View.
The company calls Harken the city’s first new apartment development in decades, but its announcement does not supply a local permitting history to substantiate the precise interval. New housing can widen choices in a supply-constrained area, although the market-rate units are not necessarily affordable to lower-income households.
Prometheus says it manages more than 13,000 apartments and has over 2,500 units in its development pipeline. Those portfolio figures are company-reported. The immediate tests for Harken will be lease execution, occupancy approvals and the planned November move-ins.
