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Third Street Development

Third Street Mixed Use (Residential/Office) 

Development Deal

 

Purchased:
Land in late 2012 for $4,000,000.

Completion:
2016.

Location:
Los Altos, California

Background:                 

·       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


Strategy:                 

·       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                      

Result:   

·       Project completed and all units sold   

Returns (Est):

·       Estimated Project IRR of 39%

·       Project Multiple of 2.84