$320M San Francisco Project Gets Capital Infusion
- Apr 19, 2019
Stockbridge Capital Group has teamed up with developer Strada Investment Group on 1629 Market St., a 420-unit multifamily project in San Francisco with a price tag of approximately $320 million. HFF worked on behalf of the developer to arrange a joint venture equity partnership with a Stockbridge affiliate.
Stockbridge provided equity of $130 million for the fully entitled project, according to sources cited by The Registry. The project at 1629 Market St. will consist of residential units averaging 732 square feet, along with 9,000 square feet of retail, spread across three mid-rise buildings.
Slated for completion in mid-2021, the project sits on a prime 1.7-acre site at the corner of Van Ness Avenue and Market Street in the city’s up-and-coming Mid-Market neighborhood, which is home to tech firms including Twitter, Uber and Dolby. More than 400 restaurants and bars are located within an eight-block radius of the site.
Strata struck an agreement with a union pension fund to redevelop the site into an apartment community offering both market-rate and affordable rental units. The redevelopment scheme is designed by Kennerly Architecture & Planning and David Baker Architects.
Stockbridge Capital Group has a diversified property portfolio of around $13.5 billion of assets under management throughout the U.S. Last year the company bought a 350-unit luxury apartment and townhome property in Wellington, Fla., for $120 million, marking one of the highest per-unit sales prices for a garden-style community in the state.