New Homes in San Francisco – Residential Homes (Under Construction) – 11/28
Vara,1880 Mission St
Where most institutional real estate groups have avoided investing, construction is underway on one of the largest market rate housing developments in the history of the Mission District. Avant is developing a new mixed use project which will replace an abandoned blighted building with a new class-A market apartment building. The project will include 202 residential units, approximately 7,500 SF of neighborhood serving retail along Mission Street, with one-to-one bicycle parking, shared innovation work space and a public historical display that will celebrate the diverse cultural history of the Mission District.
Vara, a 202-unit development at Mission and 15th Streets opened July 19
SAN FRANCISCO (July 23, 2013) – Avant Housing, a San Francisco-based urban infill multifamily development company, announced today the sale of Vara, a new 202-unit apartment development at 1880 Mission St. (a.k.a. 1600 15th St.) in San Francisco, to Behringer Harvard, a global commercial real estate investor, co-investor, and asset manager of commercial real estate investments.
Vara, which welcomed its initial residents on July 19 in the trendy Mission District (“The Mission”), provides much-needed workforce housing. Behringer Harvard, beat out multiple offers and received the property 40 percent pre-leased. Brett Betzler and Mary Ann King of Moran Co. represented Avant Housing.
“Avant Housing’s vision is to build infill multifamily projects that provide amenities and common spaces that will inspire residents’ creativity, entrepreneurship and an esprit de corps of urban sensibility and community,” said Eric Tao, managing principal of Avant Housing. “We’ve built Vara to epitomize these values and are gratified to have a group like Behringer Harvard who shares them as the new owner of this project.”
The largest Class A institutional apartment building in The Mission, the 230,000-square-foot mixed-use development has 202 residences, including a mix of studios; and one-, two- and three-bedroom homes. Also included in the six stories of wood over concrete building is 7,502 sq. ft. of street-level retail space and 155 below ground parking spaces. The rental development includes 20 percent below market rate housing (40 BMR units) available to those making 55 percent of median income.
The central location provides residents with easy access to a range of the City’s best cultural activities, restaurants, shopping, parks and transportation options. This new building represents smart urban living at its best, and is a rare new residential opportunity in a dynamic neighborhood.
The original building on the site at 1886 Mission St. was built in 1906, right after the earthquake and fire destroyed several smaller buildings on the site. It was constructed for the Louis Roesch Printing Company. The German Benevolent Society of San Francisco was also there. Since 2008, the buildings on the site sat abandoned until Avant Housing purchased the property in Nov. 2010. Avant Housing was the third developer to have 1880 Mission St. under contract, but the first to complete the deal.