Van Ness Hayes |
San Francisco, CA

KEY STATS

  • National's Role : Investor, Co-Developer
  • Investment Type : Equity
  • Status : Construction
  • Gross SF / Units : 450,577 / 420
  • Property Type : Apartment

Description
Located near City Hall between the city’s arts district and a burgeoning residential area, the Van Ness Hayes project will follow on and complement the re-development of 100 Van Ness into a residential tower with construction of a 420-unit mid-rise apartment complex. At acquisition, the site comprised of a seven-story office building built in 1925 and a connected eight-story office building built in 1959 in addition to an adjoining 13,410-square-foot land parcel. The site was part of the California State Automobile Association corporate campus, acquired in foreclosure by NEBF in 2011.

Development Opportunity
The project will take advantage of the favorable supply/ demand residential dynamics in the city center, generated by an influx of expanding tech-related businesses and young professionals, looking for nearby residences. Once complete, the Van Ness Complex (Van Ness Hayes and 100 Van Ness) will offer the most extensive amenity package in the city. 

Strategy
The project has demolished the two office buildings to make way for the new residential apartment building, including ground floor retail, below-grade parking, and three guest suites totaling approximately 450,000 gross square feet of space. Van Ness Hayes will interconnect with 100 Van Ness to share various amenities such as roof decks, swimming pool, courtyards, athletic facilities, a basketball court and screening rooms. Ownership will have the option to convert the leased units into condominiums, although long-term trends suggest there should continue to be opportunity for taking advantage of escalating rents.

Status
Demolition is complete and construction is slated to start in August of 2016 with first unit turnovers in March of 2018.