Third Street Mixed Use (Residential/Office)
Land in late 2012 for $4,000,000.
Los Altos, California
· Half acre site in downtown core of Los Altos.
· Severely supply constrained housing market on Peninsula of Bay Area.
· Very high income area with median
· Rezoned property to provide increased density and revitalize downtown core
· Obtain entitlements
· Built 20 residential units (including 2 below market units) plus 5 office condos
· One story of underground parking, three stories of building above garage.
· Sold into a very strong market
· Project completed and all units sold
· Estimated Project IRR of 39%
· Project Multiple of 2.84