Stabilized asset in the EQR portfolio, this development was purchased by EQR from Archstone in 2013. Prior to the disposition, we negotiated the land purchase, secured discretionary approvals, and completed the construction drawings.
- Potrero Hills submarket of San Francisco
- $215MM estimated cost
- 453 apartments: flats and flex units
- 12k square feet of retail, 6k square feet of artist/light industrial
- Estimated net profit: $139MM1
- Estimated unlevered IRR: 16.5%1