The smaller, sub-institutional market is where you can still find inefficient pricing and asymmetric value-add opportunities.

This property was acquired in summer 2025 before capital aggressively rushed back into the San Francisco market.

Today, the project’s stabilized unlevered yield on cost is projected to be ~8.6%, which is pretty remarkable for San Francisco multifamily.

The business plan:

• Increase unit count from 8 → 14 through the addition of 6 ADUs

• Renovations featuring modern layouts and high-quality finishes

• Avoid tenant displacement, maintaining ongoing rental income from existing units

The property also sits roughly one mile from OpenAI and xAI, with access to BART, MUNI, and private tech shuttle routes.

Through our partnership with Rhett Bennett and ReSeed, we get exposure to local operators across the country who deeply understand their markets.

Echo Valley is led by Alex Wall — a third-generation San Francisco operator, residential architect, and GC who has developed 400+ local units.

That local knowledge matters.

The best real estate opportunities are often found before institutional capital decides they’re obvious.