Argosy Invests in 360 Berry – Mission Bay
Argosy Real Estate Partners III, L.P. recently made a controlling equity investment in the development of 360 Berry Street, a 129-unit, Class A multifamily project located in the Mission Bay neighborhood of San Francisco, CA. The project will include 103 market-rate units and 26 units with rents capped at rates affordable for moderate-income households. The project business plan is to construct, lease up, and stabilize the asset; and hold for an additional period prior to disposition. Construction will begin in early March 2015.
Mission Bay, part of the urban core of San Francisco, is an approximately 300-acre master-planned redevelopment zone in a highly desirable location just south of the SoMa district. Mission Bay is almost completely built out, including a new 2.7 million square foot research campus for the University of California-San Francisco and 4.4 million square feet of office/biotech space. Mission Bay also contains AT&T Park (home of the San Francisco Giants) as well as the planned new basketball arena for the Golden State Warriors.
AREP III has partnered on the project with Integral Development, a vertically-integrated real estate investment firm experienced in the development of multifamily projects in urban infill locations.