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FEBRUARY 6, 2008

Alfred Pace To Co-Chair Urban Housing Group

By Brian K. Miller

PALO ALTO, CA-Urban Housing Group, a development subsidiary of Marcus & Millichap, has added the founder of Pacific Property Co. as its co-chairman. Alfred Pace will help guide the expansion of the locally based firm, which has two multifamily projects in the Mission Bay area of San Francisco.

Pacific Property is one of the nation's largest value-add apartment investment companies, through which Pace has acquired some $4 billion of apartment properties on behalf of institutional investors and private shareholders. Pace, also a director with the Multi-Housing Council, will retain his role with Pacific Property while overseeing operations at Urban Housing Group.

Urban Housing Group is seeking development opportunities in major west coast MSA's, including San Francisco, Los Angeles, Orange County, San Diego and Seattle. The firm says it is well-capitalized, funding transactions through its own balance sheet and through strategic joint ventures with institutional partners.

The company recently completed the lease-up of the 193-unit Edgewater apartment property at Mission Bay and is currently constructing Strata at Mission Bay, a luxury192-unit apartment complex also in the Mission Bay area. The firm also is developing a 163-unit luxury community outside of Pasadena.

The 192-unit Strata at Mission Bay development is an eight-story, $95-million project located south of the channel that will consist of one- and two-bedroom units and townhouses ranging from 630 sf to 1,300 sf, and 10,000 sf of ground-floor retail. The project is a joint venture with AIG Global Real Estate. Completion is slated for next year. Rents have not been established.

Urban Housing Group president Jim Brooks told last year that while there are for-sale condominiums being developed in the area by Bosa Development, there is no rental product yet. "North of the channel is a much more mature market," Brooks said. "We're doing a little bit of market making."

The upside south of the channel is the new office and lab buildings being developed there, adjacent to the University of California at San Francisco, where the city and developers are trying to create a neighborhood feel with lots of ground-floor retail to capitalize on the student population as well as a growing number of office and lab workers.

"While [south of the channel] might not be as mature from a housing perspective, the area will allow for a lower density, mixed-use character that will be appealing," Brooks said.

The six-story Edgewater project, located at 355 Berry St. in the more market tested area north of the channel, leased up quickly at rents in the vicinity of $3.50 per sf. It consists of studios, lofts and one- and two-bedroom apartments that range from 550 sf to 1,330 sf.


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