New Homes in San Francisco – Residential Homes (Under Construction) – 17/28
MACFARLANE PARTNERS ACQUIRES 1844 MARKET STREET IN SAN FRANCISCO; MOVING FORWARD WITH $55 MILLION, 113-UNIT APARTMENT DEVELOPMENT
MacFarlane Partners – a real estate investment manager that specializes in investments that promote smart growth, urban revitalization and sustainability – announced today that it has acquired a development site at 1844 Market Street in San Francisco on which it intends to construct an eight-story multifamily residential building. The planned residential building will consist of 113 rental apartments (99 market-rate and 14 affordable units), 5,500 square feet of street-level retail, and an underground garage with 81 parking spaces. Completion of the project is planned for the summer of 2013. Total construction costs are estimated at $55 million.
The investment is the first by MacFarlane Partners on behalf of MacFarlane Urban Real Estate Fund III (“Urban Fund III”), a closed-end, commingled fund managed by the firm that is capitalized with $211 million in equity from institutional investors. MacFarlane Partners will serve as the property’s developer.
“This investment reflects our confidence in the strong market for apartment properties in the San Francisco Bay Area, which has experienced a significant increase in rents in recent months,” said Greg Vilkin, managing principal and president of MacFarlane Partners. “The property’s location in the heart of the City is further enhanced by the recent enactment of a payroll tax abatement plan on Market Street within several blocks of the site, which also attracted Twitter to relocate its headquarters to 10th and Market.”
The one, two- and three-bedroom apartments and ground-floor retail will face onto both Market and Waller Streets and an interior courtyard. A fifth-floor terrace will offer recreation space with views of downtown.Adjacent to the San Francisco Lesbian Gay Bisexual Transgender (LGBT) Community Center, the property’s central location in the vibrant Upper Market area where several neighborhoods meet is highly desirable, with access to an abundance of restaurants, shopping, entertainment and transit options, including Muni, BART and dedicated bike lanes. In addition, freeway access to the San Francisco Peninsula and San Jose is immediately across the street from the property, making it an ideal location for residents who commute to Silicon Valley.
Completion of the project is planned for the summer of 2013. Total construction costs are estimated at $55 million. The one, two- and three-bedroom apartments and ground-floor retail will face onto both Market and Waller streets and an interior courtyard. A fifth-floor terrace will offer recreation space with views of downtown.