Developable Value of Assets Surpasses $500 Million
Allrise Capital today announced that it has gained full control of a portfolio of mixed-use real estate properties and sites in San Francisco and Berkeley through the acquisition of its minority partner’s interest. The global investor now has 100 percent ownership of six development projects with a combined developable value of over $500 million. Ruslan Zinurov, CEO of Allrise Capital made the announcement.
“Gaining full ownership of the portfolio provides us with the ideal opportunity to utilize our expertise in transforming underutilized properties and sites into successful assets that bring value not only to our partners, but the neighborhoods and communities in which they are located,” noted Mr. Zinurov. “Given the continued strength of the residential market in San Francisco - despite the challenges of a global pandemic - we envision the creation of several multi-purpose buildings comprised of more than 800 residential units over the next several years.”
The multifaceted deal was comprised of many moving parts and included the acquisition of multiple existing properties, allowing to create unique and profitable development projects that will further strengthen Allrise’s position in the market in addition to benefiting the community at large.
Among the portfolio assets are 598 Bryant Street, 650 Harrison Street and 1394 Harrison Street in San Francisco; as well as 1835 San Pablo Avenue, 2198 San Pablo Avenue, and the pending purchase of 2136 San Pablo Avenue in Berkeley, CA.
1835 San Pablo Avenue is a vacant property, fully entitled to develop a mixed-use building consisting of live work units and units for low income residents. In addition, 2198 San Pablo Avenue is a retail property that is also fully entitled for the development of a mixed-use apartment building.
Finally, 1394 Harrison Street is an industrial property that will be redeveloped to a mixed-use building containing single residence occupancy units and retail space.
“Allrise Capital’s experienced team of professionals, consultants, and partners has worked on an all-encompassing development plan for the whole portfolio,” added Mr. Zinurov. “We are looking forward to providing the cities of San Francisco and Berkeley with valuable new residences and retail options.
About Allrise Capital
Allrise Capital Inc. is a California-based multi-strategy investment firm specializing in real estate, venture capital and special situations opportunities in the US, Eastern Europe, and emerging markets abroad. For further information, call 949.748.6285 or visit www.allrisecapital.com.
