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.[contextly_sidebar id=”b5bbac2e906c8b431d704f0edcfade99″]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.
About Avant Housing
Avant Housing, LLC, founded in 2006, is a joint venture partnership of AGI Capital, a San Francisco-based real estate development company, and TMG Partners, one of the San Francisco Bay Area’s largest mixed-use property developers. In partnership with the California Public Employees Retirement System (CalPERS), Avant Housing focuses on development of urban infill housing in California with an emphasis in the nine Bay Area counties of Alameda, Contra Costa, Marin, Napa, San Francisco, San Mateo, Santa Clara, Solano and Sonoma. For more information, please visit:www.avanthousing.com
About Behringer Harvard
Behringer Harvard creates, manages and distributes global institutional-quality alternative investment programs for individual and institutional investors. Programs sponsored and managed by the Behringer Harvard group of companies have attracted equity of more than $6 billion and made investments into more than $11 billion in assets. For more information, contact our U.S. headquarters toll-free at 866.655.3600 or our European headquarters at 011 49 40 34 9999 90, or visit us online at behringerharvard.com