Bay Area Smart Growth Fund I

A $66 million real estate equity DBL fund, the Bay Area Smart Growth Fund I focuses on projects designed to make a measurable impact in community revitalization, while generating favorable rates of financial returns for its investors. These include investments in retail, office, commercial, and industrial projects, as well as multi-family and select single-family housing opportunities in or near neighborhoods with median household incomes at 80% of Area Median Income (AMI) or less. Since closing in 2002, over 98% of the fund has been invested.

As one of the first regional DBL real estate funds, Smart Growth Fund I has demonstrated that DBL real estate investment can produce significant housing, job, and community benefits in low and moderate income neighborhoods, while simultaneously meeting the financial return objectives of institutional investors. A new fund, the Bay Area Smart Growth Fund II, is currently being formed.

Significant Accomplishments:

• $80 million invested in 15 deals, 10 deals realized or partially realized, with returns exceeding projections
• 134 permanent jobs created, 2,200 jobs projected, and 1010 jobs preserved for a total of 3,344 permanent jobs – about one job for every $23,325 invested
• 870 for-sale homes being built or renovated, with at least 215 units affordable to purchasers at 80% of area median income or lower
• 1,271,554 sq. ft. of new or upgraded retail development and 577,000 sq. ft. of new or upgraded office/light industrial development
• 6 of the 7 new construction projects utilized green construction measures