New Multifamily Development in The Mission Trades Hands Only Days After Opening
By Alex Girda, Associate Editor
Avant Housing’s newly opened apartment community was sold just days after its official opening. The company’s new Vara development was purchased by global commercial real estate investor, Behringer Harvard. Avant Housing was represented during the sale by Moran Co. representatives Brett Betzler and Mary Ann King. The buyer managed to snap up the property after outpacing a number of other offers for the property.
Located in the increasingly popular Mission District of San Francisco, the multifamily development offers 202 apartment units and is the largest Class A institutional apartment building in the area. The 230,000-square foot mixed-use construction offers floorplans of one-, two- and three-bedroom units, and 7,502 square feet of street-level retail space. Parking at the facility is ensured through 155 underground parking spaces. 20 percent of the available units are designated as below market rate housing, and are targeting potential renters making 55 percent, or less, of the median income. The new owner has acquired the property with 40 percent of available units pre-leased.
Avant Housing specializes in the development of urban infill multifamily properties and Vara perfectly exemplifies Avant’s strategy. Before the developer took over the 1886 Mission St. site, the lot had been occupied by a post-earthquake construction, built back in 1906, which was once the home of the Louis Roesch Printing Company. The property was then acquired by Avant in Nov 2010, making it the third developer to take on the property, but the first to complete a project on this site. The Mission’s appeal includes access to the city’s best cultural activities, restaurants, shopping, parks and transportation.Tags: Acquisitions/Dispositions, affordable housing, Avant Housing, Behringer Harvard, Brokers, Consumer, Conventional - Market Rate, Developers, Development, economy, Finance/Investment, Financiers, Investors, leasing, Local, mixed-use, multi-family, National, Owners, Policy, Professional, Regional, Residential, San Francisco Lead Story, San Francisco multifamily development, The Mission, Vara