PROJECT DETAILS:
Alamo Square represented a unique opportunity to capitalize on one of the hottest For Sale housing markets in the country. The property consisted of 63 residential apartment units strategically located in the Alamo Square neighborhood in San Francisco. UPC's strategy was to cosmetically upgrade the units with condominium quality finishes and begin marketing the units no later than January 2006. Analysis indicated an all in cost of $28.5 million, or $452,000 per unit, while the projected average sales price was targeted at $556,000 per unit generating sale proceeds of $35 million.

Alamo Square was built in 1999 and consists of three, four story wood-framed buildings situated over a reinforced concrete, 113 stall parking garage. The unit mix was positioned to meet the needs of a variety of buyer profiles. Of the 63 units, 12 are studios, 31 are one bedroom one bath flats, 4 are 2 bedroom one bath flats, 12 are 2 bedroom two bath townhomes, and 4 are three bedroom two bath townhomes.

The project has always been operated as a rental community yet the previous owners obtained a Tentative Subdivision Map in June 2000. The initial closing of Alamo Square was subject to the Seller recording the Final Map. As a result, the project had no entitlement risk and limited construction risk because the unit upgrades were all cosmetic in nature. The project was successfully completed and sold out 12 months from the initial closing date.