CURRENT INVESTMENTS
Arch Street Village, Berkeley, CA
Arch Street Village comprises two adjacent properties, 1850 & 1862 Arch Street, totaling 21 apartment units. Located half a block from the UC Berkeley campus on the desirable north side, the assets cater to Cal's growing student population. This user base is compelling due to a severe lack of student housing in Berkeley (with significant enrollment increases imminent), a higher unit turnover rate, and students' willingness to share bedrooms. Additionally, the 1920's construction is evidenced by over-sized units. TPI's strategy is to add bedrooms to existing units as part of unit renovations. Our initial analysis suggests that we may be able to increase the total bedroom count from 33 to 54 bedrooms over time, significantly increasing the assets's net operating income and value.
Below is an example of how over sized units (typical of 1920's construction) can be thoughtfully reconfigured to increase the total number of bedrooms while modernizing the feel and utility of the unit:
1850 Arch #1 As-Built (1 Bed/1 Bath)
This one bedroom + one bath unit is typical of the project.
1850 Arch #1 Hypothetical (3 Bed/1 Bath)
Here is the exact same unit re-imagined to create a
comfortable three bed + one bath unit
849 Noe Street, San Francisco, CA
TPI acquired 849 Noe Street in February of 2022 with a different business strategy in mind. At acquisition, it was a dilapidated 6 unit apartment building with 4 vacant units. We bought out the two existing tenants and performed a major renovation of the building and units. During this process, we converted the building from an apartment building into a TIC. The 6 fully renovated units are currently listed for sale.
Kitchen, Pre-Renovation
Finishes were generally original to the 1962 construction.
Kitchen, Post-Renovation
Finishes were brought to modern, condo-quality standards.
1643 Prince Street, Berkeley, CA
Acquired by TPI in June of 2018, 1643 Prince offers 8 one bedroom units over two floors, with on-site parking. The building is strategically located just three blocks from Ashby BART and the Adelaide retail corridor.
TPI has significantly renovated one unit, which came available during escrow (see before and after photos below). Cosmetic improvements to the grounds have also been performed to increase street appeal, and new a coin-op washer/dryer room have been installed, along with a new roof.
Unit B: Pre-Renovation
The recently vacated unit suffered from dated and stained flooring in the kitchen and bath, suspended cabinets that separated the kitchen from the living area, dated appliances, and a very unattractive bathroom.
Unit B: Post-Renovation
The existing cabinetry was painted white (both lower and upper cabinets) and relocated against the adjacent wall, creating a desirable open plan. New flooring and appliances and new paint throughout have proven transformative.
1441 University Avenue, Berkeley, CA
Acquired by TPI in the fall of 2017, this twelve unit mixed use asset is located on University Avenue, just three blocks from North Berkeley BART and seven blocks from UC Berkeley.
TPI has performed extensive renovations to all common areas, improved building amenities, and renovated and modernized three residential units. In concert with these significant building improvements, TPI has signed four new leases in the project, each above pro-forma, thus increasing Net Operating Income by almost 20% within less than ten months.
Unit C: Pre-Renovation
Here is just one example of how we have renovated 3 units at 1441 University Avenue. The layout and finishes shown here are largely original to the building.
Unit C: Post-Renovation
Believe it or not, this shows the same corner of the same unit immediately following our renovation. The unit features an open floor plan and brand new finishes throughout to create a warm, functional, and contemporary living space.
Our Services
Asset Identification
Effective Asset Management
Asset Identification
We scour target sub markets in the Bay Area for acquisition opportunities that fit the specific value-add strategies we favor. We have developed strong relationships with the top brokers and ownersin each sub market in order to get first-look at off-market opportunities.
Thorough Analysis
Effective Asset Management
Asset Identification
We carefully underwrite those properties which fit our criteria, using conservative assumptions based on relevant market data, to determine whether or not an asset may be a fit for our company. By carefully considering every variable and remaining committed to making safe, defensible, assumptions, we are able to identify the diamonds in the rough.
Effective Asset Management
Effective Asset Management
Effective Asset Management
Securing the asset is one thing; managing it to its highest return potential is another. TPI has proven its ability to identify those building (and unit) improvements which maximize cash flow (and thus asset value) at a minimum of cost. We believe in doing things right, and doing them efficiently.