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Carmel Partners Building Atlas Reaches 50-Percent Leased Milestone

A year after being launched by Carmel Partners, demand for Atlas is robust as renters continue to flock to the building and a new standard of luxury living

/EIN News/ -- OAKLAND, CA, July 29, 2021 (GLOBE NEWSWIRE) -- Atlas, a new 40-story luxury rental building developed by Carmel Partners in downtown Oakland, today announced it is more than 50-percent leased. A major milestone for the development, which is also the largest residential offering in the city’s history, this news underscores the increasing desire for high-end luxury homes in Oakland as well as the city’s continued evolution into one of the most sought-after living destinations in the Bay Area.

Comprising 633 apartments and over 17,000-square feet of thoughtfully designed communal space, Atlas is redefining the luxury market in Oakland and beyond with its fusion of meticulously designed homes and an amenitized, service-focused lifestyle. The building and its achievement of 50-percent leased illustrates the ever-growing interest in and buzz about the project. 

“We believe there to be unlimited potential in Oakland. It’s young, vibrant, diverse, and, in recent years, has transitioned into a 24/7 city where residents live, work and play,” said Dan Garibaldi, Managing Partner, Head of Development and Construction at Carmel Partners. “Despite all of these factors, it has long lacked the type of housing options synonymous with the rest of the Bay Area. Atlas is rewriting that narrative. The building is a culmination of the most valued aspects of a luxury residential development - great design, unparalleled views, expansive selection of amenities and impeccable service - and renters have noticed.”

Standing over 400 feet tall, Atlas’s unparalleled, breathtaking views of the East Bay offer a point of distinction while its striking facade mirrors the Art Deco design that permeates Oakland. In honoring the city’s existing architectural vernacular while introducing a new standard of luxury living Carmel Partners sought to create a new icon for the city.

Specifically designed for renters on the hunt for an elevated level of quality and design, the developer opted to create homes in four distinct collections. Each collection is defined by its own finishes and color palettes, with all residences featuring quartz countertops, top-of-the-line stainless steel and/or panelized appliances, and floor-to-ceiling windows that flood the units with an abundance of natural light. Nest thermostats and washers and dryers are included in every residence, with full or Juliet balconies featured in select apartments. Homes range from studios to two-bedroom apartments.

In addition to its hallmark views, Atlas’ extensive selection of social, entertainment and wellness-focused spaces provides residents with an amenity-driven lifestyle that is unprecedented in Oakland. On the 41st floor, residents enjoy the region’s most spectacular views of Oakland and the Bay Area from a rooftop deck and indoor/outdoor lounge with kitchen and private dining space as well as a 4,000-square-foot fitness studio and yoga/spin studio. A 13,000-square-foot terrace with a pool, spa with day beds and firepits; outdoor barbeques and pizza oven provides additional communal outdoor space, while a coworking lounge and meeting rooms; a game room, a sports and media lounge; and a dog park provide a plethora of indoor options. 

Service-focused amenities remain another pillar of the lifestyle experience offered at Atlas and include valet parking, 24-hour security and an attended lobby. Through the building’s services app, renters have access to a multitude of bespoke in-home services that have been specifically curated to streamline busy schedules and fulfill all of their lifestyle needs. These offerings include home cleaning, laundry and dry cleaning, and move-in assistance, among others. Residents of the building’s penthouse homes have access to an even greater array of service-based offerings such as complimentary bi-weekly home cleanings, monthly Happy Hour in the Sunset Lounge, weekly Sunday brunch in the private dining lounge and one complimentary leasing of the private dining lounge per lease term. In addition, the customer service at Atlas is award-winning. The building was recently included in the top Elite 1% nationally for best online reputation by J Turner and Associates and has a 5-star rating on Yelp.

A key part of the ethos at Atlas is to be fully ingrained with the vibrant and thriving Oakland community. The building has a robust partnership program with a wide array of local business to curate resident events and activations. This includes events with local restaurants and specialty retailers including Arawak Farms, Golden Bull, Kon-Tiki, Evolution Pizza, La Guerra’s Kitchen and Mockingbird. Atlas also has partnered with Best Food in Oakland for a recurring exclusive sponsorship that includes locally curated gift boxes and market totes for the larger community. The building has also become a home base for the beloved local soccer team the Oakland Roots, with many of the players and coaching staff living at Atlas. 

“Interest in Oakland as a primary living destination has been growing for years, yet residential opportunities on par with the latest trends in design and lifestyle have been limited,” said Tony Gallo, from Greystar, the building’s property management firm. “As a result, there is pent-up demand for a true luxury product. Renters today can’t get enough of Atlas’s incredible views and unparalleled service offerings. Traffic and interest in the project were high when we launched leasing a year ago and have only continued to increase since. We're seeing that Atlas is signing leases at a pace that is 30% over the competitors week-over-week. It’s truly impressive and a testament to what Carmel Partners created with this building.”

Downtown Oakland has evolved into a cultural hub, with new galleries, bars and restaurants drawing in visitors and locals alike. Residents are steps away from both new and established staples of the community including numerous art galleries, Paramount Theater, Fox Theater, Mockingbird, Drake’s Brewing Company, XOLO, Coloso Coffee and Mad Oak Bar 'n' Yard. A reflection of Oakland’s lively arts and dining scene, Atlas also features 17,350 square feet of retail space with a distinct local flare that spans an entire city block. 

To schedule a private tour visit www.atlasoakland.com, email atlas@greystar.com or call 844-329-2151.

About Carmel Partners

Carmel Partners is one of the leading specialists in real estate investment management with a focus on U.S. multifamily acquisition and renovation, and development and construction. The company also specializes in debt and lending opportunities. Carmel Partners, LLC was founded in 1996 and has offices across the country, including San Francisco, Los Angeles, Irvine, New York City, Seattle, Washington D.C., and Denver. For more information, please visit www.carmelpartners.com.

Media Contact:  
Lambert & Co.
Lisa Baker
+1 914-725-5949
lbaker@lambert.com


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