Property

The $22,000,000 acquisition of a 92,770 sf office/retail property located on a city block in Berkeley, CA. The business plan is to entitle and redevelop the property into a 300+ unit, 180 foot high-rise multi-family project while retaining the street front retail comprising approx 40,000 sf. The property is located across the street from The Bart and is in close proximity to UC Berkeley.

Location

Shattock Ave and Alston Street
Berkeley, CA

Financing

An $8,000,000 joint venture equity investment made by a private investment management firm on behalf of several high net worth clients. This represented approximately 70% of the required equity with the remainder funded by sponsor’s previous investor base.