Why San Francisco Still Wins

This is not a turnaround play. It's a discounted entry into the nation’s most proven rent growth market.

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The Market Others Avoid — For the Wrong Reasons

San Francisco has always been a hard place to invest — that’s the point.

Between rent control, permitting, tenant protections, and political noise, most capital stays away.

But behind the headlines is one of the strongest multifamily markets in the country, now trading at a rare discount.


  • Apartment pricing is still 30–50% below peak


  • Many buildings have rents 20–40% below market


  • Supply is limited — and new construction doesn’t pencil at today’s costs


  • Tech and AI job growth is rebounding fast — demand is returning


If you’ve been waiting to buy in SF, this is the moment.

And most groups aren’t equipped to do it.

The Number Back It Up

San Francisco has always been a hard place to invest — that’s the point. We don’t bet on rebounds — we time them.

Rent Control Isn't the Problem. It’s the Mechanism.

We don’t avoid rent-controlled buildings — we look for them.

Rent control creates long-term stability and high upside on turnover. That’s the model.

We buy buildings with below-market tenants in good neighborhoods, wait for turnover, and legally raise rents — while passing through capital improvement costs when allowed.
In most cities, you buy rents at the market.
In SF, you buy them low — and manage to the upside.

Why Most Operators Can’t Compete

Navigating SF’s rent laws, permits, pass-throughs, and politics takes experience.

We’ve been doing this since the ’90s —
through every cycle.

We know the neighborhoods, the inspectors, and the timelines.

That local edge means we can:

  • Spot value in buildings others overlook

  • Time buys at the bottom of the curve

  • Operate cleanly, legally, and with margin

This Is a Window, Not a Decade

You don’t get to buy well-located, rent-controlled SF buildings at this kind of discount forever. Rates may drop. Tech demand is rising.
Rent growth is re-accelerating. Most investors are still sitting on the sidelines. That won’t last. Want a deeper look at the SF opportunity?

Request the San Francisco Data

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548 Market Street, Suite 17237
San Francisco, CA 94104

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