HFF announces it has arranged joint venture equity for the development of 1629 Market Street, a fully entitled, 420-unit multi-housing project in San Francisco, California.
Working on behalf of the developer, Strada Investment Group, HFF arranged a joint venture equity partnership with an affiliate of Stockbridge Capital Group for the approximately $320 million project.
1629 Market Street will encompass 420 units averaging 732 square feet along with nearly 9,000 square feet of retail situated within three mid-rise buildings that will share a sub-grade parking garage. The project will be constructed on 1.7 acres at the intersection of Van Ness Avenue and Market Street in San Francisco’s Mid-Market technology hub. The 24/7 location provides access to more than 400 restaurants and bars within an eight-block radius along with immediate access to public transportation options and approximately 30 percent of the city’s largest technology-based companies, all of which has garnered the site a Walk Score® of 99. The project is due for completion in mid-2021.
The HFF equity placement team representing the developer included managing director Scott Bales along with senior managing director Charles Halladay, managing director Jordan Angel, director Peter Yorck and analysts Eric Bet and Nolan Moore.
Holliday GP Corp. (“HFF”) is a real estate broker licensed with the California Department of Real Estate, License Number 01385740.
About Strada Investment Group
Headquartered in San Francisco, Strada is a vertically integrated real estate investment company with a proven track record in acquisition, development and advisory services. The firm was founded in 2010 by principals Jesse Blout, Michael Cohen and Scott Stafford, with a unique mix of public and private sector real estate experience. Supported by a team of real estate professionals with expertise in research, acquisitions, asset management, and construction and development, Strada has managed more than $1 billion of real estate assets with top-tier institutional capital partners, and currently has more than two million square feet in the development pipeline.
About Stockbridge Capital Group
Stockbridge Capital Group (http://stockbridge.com) is a real estate investment management firm headquartered in San Francisco, California, with offices in New York, Chicago and Atlanta. The firm’s portfolio is comprised of assets across the risk spectrum, spanning all major property types throughout the United States. As of December 31, 2018, the firm’s total assets under management totaled approximately $13.5 billion.
HFF and its affiliates operate out of 26 offices and are a leading provider of commercial real estate and capital markets services to the global commercial real estate industry. HFF, together with its affiliates, offers clients a fully integrated capital markets platform, including debt placement, investment advisory, equity placement, funds marketing, M&A and corporate advisory, loan sales and loan servicing. HFF, HFF Real Estate Limited, HFF Securities L.P. and HFF Securities Limited are owned by HFF, Inc. (NYSE: HF). For more information, please visit hfflp.com or follow HFF on Twitter @HFF.
CA Lic. #01002027
HFF Managing Director