SAN FRANCISCO—Allrise Capital recently gained full control of a portfolio of mixed-use real estate properties in San Francisco and Berkeley through the acquisition of its minority partner's interest. The global investor now has 100% ownership of six development projects with a combined developable value of more than $500 million.
"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," notes Ruslan Zinurov, CEO of Allrise Capital. "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 included the acquisition of multiple existing properties that will benefit the community at large while creating development projects that will further strengthen Allrise's position in the market. Among the portfolio assets are 598 Bryant St., 650 Harrison St. and 1394 Harrison St. in San Francisco as well as 1835 San Pablo Ave., 2198 San Pablo Ave. and the pending purchase of 2136 San Pablo Ave. in Berkeley, CA.
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