BERKELEY, CALIF. — Valiance Capital has acquired a development site at 2538 Durant Ave. near the University of California, Berkeley campus. The company plans to replace an existing 12-unit apartment building on the site with an eight-story community offering 270 beds across 83 units. The development is also set to include 5,000 square feet of ground-floor retail space.
Jeffrey Eliason and Leland Ortega of Highland Realty Capital arranged $10.5 million in acquisition and pre-development funding on behalf of Valiance. Chris Hetzel of ACRES’ Philadelphia office originated the loan.
“2538 Durant is going to help transform the Berkeley city skyline and provide an incredible opportunity to address a substantial housing need for students,” says Nhan Nguyen Le, principal and founder of Valiance Capital.
Further details on the project, including a timeline for the development, were not announced.