1977

Founder Riaz Taplin's father Russ Taplin launches Pasco for condo conversions in San Francisco

Master a niche to create value

1980 - 82

Russ Taplin, a Stanford graduate, does hourly construction work to supplement family income

Sharp rise in oil prices and inflation after Iran revolution

Federal Reserve raises prime rate to 20%

Be conservative with leverage

1983 - 89

Economically prosperous time for the Taplin family real estate business

Russ Taplin scoops up conversion permits by sleeping overnight outside city hall

San Francisco ordinance makes condo conversions a viable business strategy

Contextual changes demand nimble thinking and action

1989 - 91

Earthquake demolishes Taplin family property in San Francisco, marking end of prosperous period for the family

Loma Prieta earthquake of 1989 destroys many buildings in the Bay Area

Recession of 1990-91 freezes the Bay Area housing market

Economic cycles are a reality and often triggered by black swan events

1998

Riaz Taplin, 16, sells his first 'flipper' in Burlingame CA, but for zero profit due to the Asian Financial Crisis

Taplin family acquires first multifamily property in Oakland

Asian financial crisis dampens markets, including real estate value

2000 - 02

By 2001, the Taplin family had acquired 100+ units in multifamily buildings. Passive rental income from these cushioned the impact of the.com bust

Dot-com bust - Nasdaq falls by 78% from its peak by October 2002

Passive income from multiple properties and units is central to building a stable portfolio of assets

2003 - 08

Riaz starts a new business designing and building luxury properties in San Francisco; grows NOA Design Build to $20 million in revenue

Federal reserve under Alan Greenspan drops interest rates dramatically, triggering a housing boom

Riaz defines his contemporary sense of style; learns to optimize time, cost and quality

2008

Riaz manages to sell a newly developed home after a nervous wait, 15 days before Lehman Brothers collapses

Financial crisis and Great Recession triggered by sub-prime mortgage bust

Over-reliance on a single event or asset is a flawed strategy

2009 - 11

Riaz strikes highly profitable lease-option deals

Cratered real-estate values in the aftermath of the financial crisis

When others are fearful, often there is opportunity

2010 - 14

Riaz has an epiphany about micro-units for workforce housing; first micro-unit in 2012.

Number of tenants grows from 80 to 400 from 2010 to 2012.

Raises first fund & purchases multiple transactions.

Future leaders and partners Paul DiCarlo, Max Reshulsky, and Seth Lang join the business

A buyer's market with prices well under replacement cost

2014 - 16

Riaz exits luxury housing to focus on workforce multifamily

Number of tenants grows to 800 by 2016

945 units transacted on in the two years till 2016

Developed adaptive reuse strategy Important to move quickly, with financing and brokerage relationships in place, to take advantage of opportunities

2017

Developed affordable-by-design (ABD) concept

Raised ABD Fund 1

2018

Started ground-up acquistions for ABD Fund 1

Began Fund 2 raise

Trump tax plan includes Opportunity Zone benefits

Re-oriented team to focus on development versus opportunistic value-add deals

2020-2021

Riaz Capital weathers the pandemic with 94% occupancy between April 2020 and April 2021.

Closed Fund 2 raise

Pandemic hits economic activity, including real estate

Diversified portfolio and stability of middle-income workforce resident proves its resilience

2021

Riaz Capital rents to 1,500 tenants

~1,700 units currently under development

$100 million Fund 3 announced

2022

Ozone fund III closes at $125M

4 sites acquired

In fund III, there are ~450 residences under development and another ~3,500 in the pipeline

2023

3 sites acquired

140 units completed & ready for lease

Riaz Capital has 471 units under construction & 1,625 units in the pipeline