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This Week's San Francisco Deal Sheet


The weekly compilation of the San Francisco Bay Area metro’s biggest leases, sales, financing deals, construction updates, and personnel moves. Have news you’d like to submit?


Avanath Capital Management expanded its multifamily footprint with the purchase of a housing portfolio in Novato, California, which it acquired for $131.5M. The portfolio consisted of two low-income housing tax credit rental properties and was purchased with equity from the company’s Renaissance Fund, along with debt financing through CBRE and Fannie Mae.

“There is a significant need for affordable housing in the greater San Francisco market,” Avanath Capital Management Chairman and CEO Daryl Carter said in a press release.

“Currently, 26% of the total units in the market are designated as affordable housing. While planning to develop new properties exists within the market, only 16% of newly completed units would be affordable. There is a genuine affordable housing crisis, and we are determined in our mission to contribute to its resolution.”

Together, the properties total 297 units. Both properties — the Bay Vista at Meadow Park and Creekside at Meadow Park — were 98% occupied at the time of the transaction.

888 Bransten Road, San Carlos, California


Alexandria Real Estate wants to build a 105K SF life sciences project at 888 Bransten Road in San Carlos, California, according to SF YIMBY. ARE bought the property as part of an $832M portfolio acquisition in December 2021, with plans to redevelop.

Construction is expected to take 14 months and will require the demolition of three light industrial buildings on the site.


A Department of Motor Vehicles office on Fell Street in San Francisco’s Western Addition could be redeveloped to include affordable housing, according to the San Francisco Chronicle.

The DMV and the state's Department of General Services put out a request for interest in search of a nonprofit developer to build a new DMV building and an unspecified number of housing units. Previous studies show that the property could accommodate up to 400 units.

Local Supervisor Dean Preston and Assembly Member Phil Ting have been encouraging the property's redevelopment. Preston in late 2022 introduced a resolution asking the state of California to consider building housing on the property.


Trachtenberg Architects submitted a proposal for a five-story, 44-unit residential infill project on a vacant lot at 3265 El Camino Real in Palo Alto, California, according to SF YIMBY.

In addition to 24 studios and 20 one-bedroom units, the property would also include a 22-space parking garage. 


The Martin Group and STARS REI acquired two apartment properties in Oakland, at a purchase price of $47M, or $516K per unit. The companies purchased The Anton Edge and Alice House at the end of 2022, according to the Registry SF.

Anton Edge will be rebranded as Edson House. The 91-unit Anton Edge and the 79-unit Alice House will be treated as a combined 170-unit portfolio following the rebranding.

Both properties contain a mixture of studio apartments and one- and two-bedroom units. Amenities include dog washing stations, clubrooms, coworking spaces and outdoor televisions. JLL represented the undisclosed seller in the transaction.


Gantry secured a $16.75M refinancing loan for a shopping center in El Dorado Hill, California. The 134K SF Market Place at Town Center is anchored by the Nugget Market grocery store.

The 10-year, fixed-rate, nonrecourse loan was secured on behalf of an undisclosed private real estate investor from a regional bank.

“Grocery anchored retail centers remain solid performers post COVID, with a range of lenders willing to fund loans for centers like Market Place at Town Center featuring these essential retailers. While the rate climate of the past year has been volatile, the pending maturity of a previous loan compelled us to seek the best solution in a timely manner, meeting our client’s plans for a continued legacy hold,” Gantry principal Robert Slatt said in a press release.

“After reviewing the center’s requirement with several of Gantry’s correspondent and affiliate lenders, we moved forward with a bank lender who understood the nuances of the local market and rewarded the center’s demonstrated performance and strong fundamentals with a superior rate over a ten-year term.”


Commercial real estate firm Cresa added two new advisers to its local team. Jack Doherty and Jake Carson both joined from CM Commercial Real Estate. 

“As we continue to grow our office, it’s important to identify individuals who understand our unique brand and partnership model. We are thrilled such experienced executives like Jack and Jake have joined our team,” Cresa Managing Principal and Market Leader Craig Zodikoff said in a press release.

“Their arrival will allow us to execute on our strategy as we continue to expand and provide real estate solutions to our diverse roster of clients.”