988 Fulton

PROJECT DETAILS:

Located just off the photo-famous Alamo Square in San Francisco, 988 Fulton Avenue represented a unique opportunity to capitalize on one of the hottest housing markets in the country. Originally built in 1999, the complex consists of 63 three residential apartment units in three four-story wood-framed buildings situated over a reinforced-concrete, 113-stall parking garage. In 2006, Union Property Capital saw a strategic opportunity to achieve above-market returns by renovating the exterior, adding quality interior finishes, and selling the units as condominiums. 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.