BUILD introduces $42 million investment fund, will construct over 2,000 new residential units across Bay Area
Released: January 15, 2019
SAN FRANCISCO, Calif. – BUILD, a San Francisco residential development company, announced that it has raised a $42.1 million GP Co-Invest Fund to develop new multifamily residential projects throughout the Bay Area. The investment vehicle – Build Partner Investments, LLC (BPI) – is BUILD’s first investment fund and will enable the company to acquire new residential development sites and construct 3 ‘seed’ projects totaling over 2,000 new residential units and acquire new residential development sites in the San Francisco Bay Area.
Lou Vasquez, Chairman of BUILD, stated, “Our goal is to help address the chronic housing shortage that is affecting every business and resident in the San Francisco Bay Area. This fund will enable us to acquire under-utilized properties and transform them into new homes for residents of all income levels that support and enhance their neighborhoods.”
Scott Eschelman, Managing Partner of BUILD, stated, “BPI meets a key strategic objective for BUILD by securing the requisite sponsor capital to match our extraordinary development pipeline and, with our institutional investment partners, will capitalize in excess of $1 billion worth of San Francisco Bay Area multifamily developments. Additionally, BPI will provide the liquidity for opportunistic site acquisitions as we transition market cycles.”
Over the last several years, BUILD has been one of San Francisco’s most prolific housing developers. The company recently completed 117 units in the Dogpatch neighborhood, has 136 units under construction, and 2,000 units fully entitled. In addition to its 3 ‘seed’ projects, Build Partners Investments will target similar housing development opportunities with potential scale of 75-300+ units per investment.