The Ozone Fund III, Riaz Capital’s third Opportunity Zone compliant fund, exceeded its $100M target, closing at $122M in February 2022.

The success of the fund is proof of the investors’ faith in the company’s proven micro-living development strategy, designed and priced to serve the Bay Area’s stable and under-served urban workforce. Properties in the Fund will be a combination of new construction and adaptive reuse properties.

With the success of The Linden and ABD Suites fund, Riaz Capital established the micro-living model as the company’s go-forward development strategy. 2019 ABD Ozone Fund, currently in deployment, is based on developing a similar townhouse typology to The Linden (the company’s proof-of-concept development for the micro-living model) in addition to premiering the micro-living midrise typology.

The ABD Suites fund is Riaz Capital’s first fund designed to deploy the new construction micro-living strategy. Based on the urban workforce market that the company has been catering to for years through value-add deals, the launch of this Fund marked the company’s pivot to new construction. The Fund financed the development of The Linden, Riaz Capital’s breakout micro-living community and a very successful development.

The East Bay Multifamily Fund (EBMF) is Riaz Capital’s first fund-based investment offering and is currently in the process of liquidating the last of its assets. The Fund capitalized on the recognition that multifamily assets in the East Bay market were underpriced in a particularly attractive financing environment in 2013. Seeing rents rising in San Francisco, the firm’s principals at the time understood that East Bay valuations typically lag but ultimately follow the trend of San Francisco valuations. This presented an opportunity to acquire undervalued properties primed for rising rents and valuations.

233 Broadway will be Riaz Capital’s 3rd adaptive reuse project. Formerly known as the Z Hotel, the property is in Oakland’s up-and-coming Jack London Square neighborhood between Downtown and the Oakland Waterfront. Like all Riaz Capital investments going forward, this building will be marketed to the single-income urban workforce. A unique aspect of this building is the mural on one of its walls created by 11-year-old artist Maika in collaboration with the Make-a-Wish foundation and Oakland-based artist Hueman. The mural was painted as a message of hope for the Oakland community and will work as the basis of the painting aesthetic of the rest of the building.

Oakbrook Manor and Palmcrest Apartments are a 3-building portfolio that Riaz Capital acquired for great value at the beginning of the COVID-19 pandemic. This repositioning deal consisted of relatively minor physical improvements, since the properties were in good condition from the outset. Improvements mainly consisted of the addition of 12 ADUs, improvements to marketing and leasing, a few added amenities, and interior touch-ups to elevate the tenant experience. Both properties are in a part of Oakland close to Lake Merritt. This area is very familiar to Riaz Capital, as even before the acquisition the company owned properties in the neighborhood. This geographic familiarity allowed the firm to understand the local market quickly and easily by using its own properties as comparable assets.

80 Harris Place and 38416 Mission Bld., collectively known as Niles Station, are a collection of three buildings in the Niles neighborhood of Fremont. The property consists of a traditional garden style apartment complex, a converted motel run for years as a multifamily property, and a single-family Victorian house. Value-add improvements to the property include exterior aesthetic improvements, common area facelifts, and residence remodels in conjunction with natural tenant turnover.

Hannah Park is one of Riaz Capital’s first ground-up development projects consistent with the micro-living strategy. Located in the Clawson neighborhood of Oakland, the asset consists of a 4-story mixed-use property with 51,120 square feet of residential and 2 ground floor retail units. The project has 90 units, where 1-bedrooms average 588 square feet, studio units average 520 square feet, and junior one bedrooms cover 503 square feet each.

The building now known as Artthaus Studios began its life in 1916 as the H.G. Prince Cannery, later becoming the Del Monte Cannery. It is the last remaining cannery building in what was once the largest canning district in the region. Proudly standing in the Fruitvale neighborhood of Oakland, this property is Riaz Capital’s first adaptive reuse project.

Today, the building offers over 100 office and studio spaces catered to the needs of artists, entrepreneurs and small creative businesses ranging from design, film, web, publishing, photography and beyond. Tenants enjoy raw expansive office spaces with flexible layouts, double-height ceilings, abundant natural light, and panoramic views. Tenants and visitors will find the common spaces full of unique and unusual art from local Oakland artists.

1460 Contra Costa Blvd. was formerly known as Tuscany Apartments. In need of significant repositioning efforts, Riaz Capital’s capital improvements focused on the common areas, pool, and substantial modifications to the property’s landscaping. The management strategy was also overhauled, with the property ultimately rebranded as The Post apartments

2618 MLK straddles a prime corner of 27th Street and Martin Luther King Jr. Way in Oakland. The property is an example of Riaz Capital’s micro-living townhouse model: one of the two typologies that make up the majority of the company’s new construction development strategy. This property and others like it offer Oakland’s urban workforce affordable, comfortable accommodations in newly-built buildings.

This midcentury multifamily property is located just up the hill from Lake Merritt in Oakland’s Adam’s Point neighborhood, minutes away from 19th Street BART Station and down the street from Whole Food’s Market. The repositioning strategy consisted of unit remodels, seismic retrofits, and landscape improvements to the front and back of the property.