The Otis
Seventy-six for-sale residences from the adaptive reuse of 2300 Stockton Street, on San Francisco’s North Waterfront.
A vacant 1970 office block at the seam of Fisherman’s Wharf, North Beach and Russian Hill, acquired below replacement cost and converted to view homes carrying the Golden Gate, Alcatraz, the Bay Bridge and Coit Tower. A Reg D 506(c) offering for accredited investors.
Below replacement cost, into a supply window that does not close until 2029.
Basis
Acquired at about $224 per square foot. All-in development cost of about $907 per buildable foot, roughly half of San Francisco ground-up construction. Blended exit underwritten at $1,364 per square foot, 38 to 67 percent below same-view comparables on Telegraph Hill and Russian Hill.
Supply
San Francisco’s market-rate housing pipeline falls to its lowest level since 2008 in 2026 and 2027. No meaningful wave of deliveries arrives before 2029. The Otis delivers into that gap in 2028, with apartment vacancy at its lowest since 2014 and condo prices up year over year.
Path
Two city programs built for conversions, the Commercial-to-Residential Adaptive Reuse Program and the Family Zoning Plan, entitle the project together. Eligibility was confirmed in a pre-application meeting with SF Planning. The building is not a historic resource. Planning submittal is targeted for the end of September 2026.
Named for the Otis Elevator Company, whose building this was. Three product tiers, priced floor by floor.
The existing three-story envelope converts to 57 townhomes and flats under the Adaptive Reuse Program. Two new floors add 19 family residences and penthouses under the Family Zoning Plan. Parking is one to one in the existing podium.
| Floor | Product | Homes | Avg sf |
|---|---|---|---|
| 5 | Penthouses · new vertical | 6 | 1,992 |
| 4 | Family residences · new vertical | 13 | 1,650 |
| 2–3 | Courtyard and view flats · conversion | 46 | 826 |
| 1 | Townhomes · conversion | 11 | 900 |
Terms at a glance.
A single-asset limited partner investment in Stockton Development LLC, the entity that owns 2300 Stockton Street. Full terms, projections and the financial model are in the investor overview and offering documents.
Common equity alongside sponsor and mezzanine capital, under a senior construction loan sized at 70 percent of cost.
Accredited investors only, under Regulation D Rule 506(c). Verification is required before subscription documents are released.
Return of capital first, then a 12 percent simple, non-compounding preferred return, then profits split 50/50 with the Manager. Not guaranteed.
Distributions as homes close across the 2028 sell-out. Sponsor capital is recovered only from the Manager’s share of profits, behind investors.
Progress, published as it happens.
Acquisition closed
May 8, 2026Programs confirmed with SF Planning
Adaptive Reuse + Family ZoningNot a historic resource
Historic Resource EvaluationPlanning submittal
Target end of Sep 2026Entitlement approval
Q4 2026Permit, build, sell out
RTI Q2 2027 · CO mid-2028 · sold out Dec 2028More detail as the project advances, and as we get to know you.
The address, program and terms are public. Projections and offering documents follow a simple sequence.
Project overview
- Address, program and timeline
- Investment thesis and offering structure
- Milestones as they are reached
Investor overview
- Investment presentation and sell-out schedule
- Entitlement roadmap and team track record
- Projected returns and stress tests
Offering documents
- Private placement memorandum and operating agreement
- LP financial model, appraisal and full data room
- Subscription documents
A team that has built this exact building type.
Office-to-residential conversion with a wood-frame vertical addition, delivered before in San Francisco.
The Otis is developed by Ocean Avenue Realty Fund as sponsor and managing partner, with Brown Real Estate Group as co-general partner. Anantara Capital is assisting with the capital raise and is the point of contact for prospective investor enquiries.
Discuss The Otis with us.
Interested in the project? Request a 20-minute introductory call with Anantara Capital to discuss the opportunity, ask questions, and explore whether it fits your investment interests. We will reply by email to arrange a time.
contact@anantaracapital.com