We acquire and develop housing.
The property, the market and the investment basis guide our approach.
We invest where barriers to entry are high and demand is durable.
We invest in multifamily and student housing in California markets with high barriers to entry, including coastal California, where new supply is constrained and demand is supported by universities, healthcare institutions, major employers and transit.
For each property, we weigh the basis against replacement cost, existing and future supply, the entitlement environment and the demand drivers around the building.
The same team stays with the investment.
Acquisitions, entitlements, capital formation, development, construction, marketing and asset management sit within the same operating platform.
Co-Managing Principals Justin Osler and Stephen Siri oversee investment decisions and remain directly involved in execution.
Existing housing is part of the strategy.
The opportunity often starts in the capital markets: a loan maturity, a stalled sale, a property run below its potential. Once we acquire a property, we carry out the business plan through operations, capital improvements and repositioning.
At 19th & Harrison, the owner faced a loan maturity in a debt market that had effectively closed, and pricing reflected sentiment about Oakland even though the building was close to full. We knew the location from our own Oakland portfolio: one block from the 19th Street BART station, across from Kaiser and PG&E. We acquired its 224 homes in January 2025. Occupancy held near 95% through the ownership transition, and net effective rents grew 13% year over year.
View 19th & Harrison →
Development starts with the land.
We often develop in partnership with landowners, who join the venture as co-GP. That can reduce the cost of carrying land while a project moves through California's approval process. The landowner shares in what gets built, and we bring the platform that takes it from concept through entitlement, financing and construction.
At Mariner Square in Alameda, four office buildings sat on a site the City's 2022 Housing Element designated for housing. With the landowner as co-GP, our plan replaces them with 356 homes, 54 of them affordable. The Alameda Planning Board approved the design in August 2025.
View Mariner Square →Every project starts with its place.
Placemaking starts with what a site was and what the street around it needs. That carries through the whole building: what we keep, what goes on the ground floor, the art we commission, the name and the identity residents live with.
At Webster Eleven, Julie Chang's "Interwoven" runs along the street-level facade. Centro Callan stands on the former home of the Portuguese Fraternal Society of America, in a city with deep Portuguese roots.
Named for Donald Wexler, the architect who helped define desert modernism and pioneered steel in residential design.
Built into the Napa River trail on the north edge of campus.
An adaptive reuse of a former Chevrolet dealership on Oakland's Broadway corridor that keeps its industrial character.
Oakland muralist Jet Martinez works in the vocabulary of Mexican folk art, Oaxacan embroidery and pottery in particular. His large-scale floral mural wraps the exterior of Centro Callan.