Grant’s Landing

Grant's Landing

RENO, NV

Ground-up development of a 416-unit Class A multifamily project in Downtown Reno, NV

Asset Type

Multifamily

Acquired

2021

Scope

416 units
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Key Investment Thesis

  • Opportunity to deliver a best-in-class residential offering in an extremely desirable location – the project is situated directly on the Truckee River near the Riverwalk District and Midtown District, which together form Reno’s most urban, diverse, and vibrant neighborhood which has been experiencing significant growth due its unique lifestyle offering.
  • Continued evolution of the Downtown and Midtown neighborhoods as well and the Reno market as a whole, which continues to experience an influx of new residents and employment growth, including Tesla’s recent announcement of an additional $3.6 billion investment into two new factories in Reno as well as Redwood Materials’ announcement for a new $3.5 billion battery recycling facility.
  • Historically undersupplied housing market in Reno which has led to significant continued rent growth within the market.
  • Grant’s Landing focuses on the shift in demand towards highly amenitized Class A housing within the Downtown submarket which historically has seen very limited institutional quality multifamily product.

JMA Value Creation

Acquired the site at a favorable basis while securing an attractive seller financing structure.
Assembled best-in-class A&E team while navigating Reno’s construction market during a period of record high new development.
Identified an opportunity to participate in the Qualified Opportunity Zone tax program, allowing investors to benefit significantly from special tax treatment of capital gains from the IRS stemming from the Tax Cuts and Jobs Act of 2017.
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Fairmont Heritage Place Ghirardelli Square

Fairmont Heritage Place Ghirardelli Square

San Francisco, CA

Ghirardelli Square is a world-renowned national historic landmark sitting on one of the most coveted waterfront properties in San Francisco. Transformational project given landmark designation of the site and change in tenant mix from tourist centric to high-end.

Asset Type

Hotel / Private Residence Club

Acquired

2004

DEVELOPED

2008

Scope

Mixed use retail (101,000 SF across 12 buildings and 283 parking spaces) and a 53 private residence club.

EXIT

Retail: Sold 2010
Private Residence Club: 2012 / 2020 / 2023
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Key Investment Thesis

Ghirardelli Square is a historic San Francisco destination, offering shopping, art galleries, family events, walking tours and more. Steeped in the history of the Ghirardelli chocolate family, dating back to the mid-1800s, Ghirardelli Square was the original site of the family’s chocolate, cocoa, mustard, and box factories. Today, it is a popular destination for visitors and Bay Area residents who desire a unique shopping and dining experience. As one of the first successful mixed-use redevelopment projects in the United States, Ghirardelli Square has been a San Francisco landmark for more than 100 years and to ensure its preservation for future generations, the Square was granted National Historic Register status in 1982. Fairmont Heritage Place opened in 2008 and was Fairmont’s first urban private residence.

JMA Value Creation

Acquisition due diligence and feasibility analysis of the entire development site
Development and construction management
JMA in-house specialists worked hand-in hand with contractors and designers on redevelopment concept
Sourced and negotiated sponsorship from Fairmont to be the brand and manager of the 54 fractional hotel project
Asset managed all aspects of the project including retail lease and financial oversight
Hired and currently manage a JMA inhouse sales team for the fractional sales of the Fairmont Heritage Place
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