Development
Russia House: development and long-term ownership
2 Russia Avenue, San Francisco
- Property type
- Eight residential flats and townhouses with ground-floor retail
- Date
- Opened 2022
- Asher's role
- Vice President, Anasazi Properties (since 2003)
Objective
Turn an off-market land opportunity into a residential development and retain it as a managed rental asset.
Challenge
Move efficiently from acquisition through entitlement and construction while coordinating the professionals and capital required to deliver the project.
What Asher did
Anasazi Properties secured the site off market and handled entitlement, development, capitalization, construction oversight, leasing and ongoing management. Entitlement was completed in 10 months, and the building went from dirt to roof in 18 months. Asher's work across Anasazi projects includes sourcing land; coordinating design, engineering, architecture and contractor teams; project management; public relations; construction draws; investor relations; and capitalization.
Result
The property remains in the portfolio and continues to be managed. Rents have increased approximately 20% since opening in 2022, roughly 5% per year on average.
Asher McInerney, California DRE #01473144 (Salesperson). Responsible Broker: Ground Matrix, Inc., California DRE #02041140. Asher's role in this transaction: Vice President, Anasazi Properties (since 2003). Past results do not guarantee future outcomes.