Oakland Residential Project Jump-Started By Institutional Financing
Developer Wood Partners and private equity fund Carlyle Group have teamed up to build a 196-unit residential project at 2302 Valdez St in Oakland. Work could begin at the end of March.
The project is in the Broadway-Valdez district. Oakland fast-tracked the entitlement process for projects that fit with the city’s vision of housing and retail construction, according to the San Francisco Business Times. The strategy is part of a wider focus on encouraging development throughout Oakland.
An influx of institutional dollars has moved forward approved projects stalled due to lack of financing. The 2302 Valdez project was approved by the city in April 2015, but needed Carlyle before work began. [SFBT]