$540.5M Multifamily Deal Signals Growing Investor Confidence in Bay Area Real Estate Market
A Los Angeles-based investor,
PCCP LLC, has made waves in the Bay Area with a
$540.5 million
acquisition of a
1,770-unit multifamily portfolio across
San Francisco and
Oakland. This marks one of the largest multifamily transactions in San Francisco since the
pandemic and signals a
stronger appetite for Bay Area assets.
The acquisition includes
76 apartment buildings, with
66 in San Francisco and
10 in Oakland, purchased from
Veritas Investments and
Ivanhoe Cambridge. These properties were initially acquired for nearly
$750 million between 2018-2021, but PCCP’s purchase values the portfolio at approximately
$305,000 per unit, about
30% lower than previous investments.
Why it matters:
- This is the
largest San Francisco multifamily deal of 2025 so far and shows
growing optimism for recovery in the Bay Area’s real estate sector.
- San Francisco’s rent growth has been accelerating, now among the
fastest in the U.S., signaling an uptick in market confidence post-pandemic.
- PCCP’s investment adds to a growing number of institutional players betting on the city’s comeback, joining firms like
Fortress Investment Group and
Artemis Real Estate Partners.
- Meanwhile,
Oakland continues its early-stage recovery, with new construction deals seeing deep discounts.
PCCP, now one of the larger multifamily investors in San Francisco, will retain
Veritas Investments as the property manager. This partnership continues
Veritas’ prominent role in the city, despite the loss of a separate, large portfolio earlier this year.
As investor confidence grows, both cities continue to provide opportunities for savvy investors looking to capitalize on multifamily real estate at favorable pricing.
Read More Here!
San Francisco’s Pier 29 Set to Become a Thriving Hub for Artists and Creatives
Big news for the Bay Area arts scene —
Pier 29 is getting a brand-new palette as San Francisco’s largest artist studio and exhibition space, thanks to an exciting partnership between the
San Francisco Port Commission and
Community Arts Stabilization Trust (CAST).
In a unanimous decision, the Port Commission officially greenlit the lease agreement that will transform the historic waterfront pier into a vibrant cultural playground. Think
artist residencies, public exhibitions, immersive workshops, and creative programs designed to breathe new life into the Embarcadero. After years of underuse since the 2013 America’s Cup, the waterfront is finally getting its artistic spark back.
"Our arts and culture are driving San Francisco’s comeback," said Mayor Daniel Lurie, celebrating the move as a win not just for artists but for the entire city. The project aims to
draw locals and visitors alike to a waterfront destination buzzing with creativity.
At the heart of the project is CAST’s vision for reclaiming underutilized spaces for community use. CEO Ken Ikeda shared that Pier 29 is just the beginning — a model for how neglected spaces across the Bay Area (and beyond) can be reimagined for
artists and cultural organizations.
One particularly exciting piece of this project is
Art + Water, a residency program co-led by renowned author and educator
Dave Eggers alongside
JD Beltran. Their program will offer affordable six-month residencies where artists can both create and teach, addressing the urgent need for accessible studio spaces and affordable art education in San Francisco.
Pier 29 will feature a
47,000-square-foot indoor event space and a
23,000-square-foot outdoor area, making it one of the most ambitious arts projects on the West Coast. Plans include
free public performances, hands-on workshops, and a walk-in gallery where visitors can experience art being made — and even take a piece of the city’s creativity home.
In a time when the Bay Area's artists are constantly battling rising costs and shrinking studio spaces, this transformation of Pier 29 signals opportunity and a recommitment to the arts as the heart of San Francisco.
Stay tuned — Pier 29 is about to become one of the city's brightest cultural beacons!
👋🏻 Bye Bye BART?
BART
is considering selling
five parcels of land, totaling
235 acres in the East Bay, to help address its budget shortfall caused by decreased ridership during the pandemic. The properties, located in
Livermore, Hercules, and Brentwood, are deemed surplus due to changing priorities. BART plans to offer the land to affordable housing developers first, per the
Surplus Lands Act. If no developers are interested, the land may be auctioned or listed with a broker. The sales, aimed at closing a budget gap, would need approval from BART's Board of Directors. The parcels, purchased 50 years ago, were initially intended for system expansions, though their sale may affect future projects like the Valley Link Rail. BART estimates the sales could be completed within 2-5 years.
🏢 San Francisco's Plan for 36,000 New Homes
San Francisco’s Planning Department has just rolled out a new rezoning plan to make space for
36,200 new homes, mostly in areas like the
Sunset and Richmond districts that have been resistant to development in the past. The plan is a response to state housing requirements, as the city needs to add 82,069 new units by 2031. The zoning changes will allow taller buildings along commercial streets, like
85-foot buildings in the Sunset and Richmond, with incentives for developers to include
affordable housing.
This shift marks a big change for San Francisco, especially on the Westside, which has seen much lower density compared to the rest of the city. Some areas, like Van Ness Avenue, could see buildings as tall as
650 feet with bonuses for adding affordable units.
While the plan aims to address the
city’s housing crisis, some worry about the impact on tenants, particularly those in low-income housing or small businesses. The city says it has protections in place for residents, but it's unclear what protections commercial tenants will have.
This rezoning is just one piece of the puzzle, though. San Francisco isn’t responsible for actually building the 82,069 units—it’s up to private developers, who are facing high construction costs and stagnant rents. Still, the city hopes that by creating room for growth, it can keep up with demand while preserving its unique vibe.
Read more here.
