A developer has obtained a 99-year ground lease for a former commercial site in Bankers Hill with plans for a new multi-family project.
The lessee for the one-plus acre property, at 411 Ivy St., is Raintree Partners, which according to its website, plans 189 units for the new development.
The four-parcel property once was home to a 14,911 square-foot office structure that served as the headquarters of a financial services company, along with the neighboring parking lot. The vacant building was demolished to pave way for construction on the new residential project.
Cushman & Wakefield’s Kevin Nolen, Tim Winslow and Jason Kimmel represented the lessor in the transaction.
“Securing 2021 peak market pricing for a ground lease in 2024 is a significant achievement, especially given the current challenges in the multifamily development sector. While new developments can be considered particularly risky, the Bankers Hill submarket has seen projects developed to some of the highest rents in the County.” said Nolen, a managing director.
The lessor at the time of lease execution was 4th & Ivy Creative House North, LLC and 4th and Ivy Creative House South, LLC. The entities sold the site after the transaction.
