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October 29, 2010

GVA Kidder Mathews Closes on 121-Unit Affordable Senior Housing Site

SAN FRANCISCO, CA - Richard Stoll, senior vice president of GVA Kidder Mathews' San Francisco office, closed on the sale of a 1.47-acre development site, which is slated for 121 units of affordable senior housing in San Francisco's Bayview-Hunters Point area.

Bayview Hunters Point Multipurpose Senior Service, Inc. in a joint venture with developer McCormack Barron Salazar, along with the San Francisco Redevelopment Agency, purchased Phase 3 at 5800 Third Street on September 30, after being in escrow almost three years. The innovative "aging campus" development is the first of its kind in the United States, aimed to prevent displacement of seniors in the area and will include a senior center, senior services, and housing.

"The aging campus was the dream of the late Dr. George W. Davis, who was the executive director of the Bayview Hunters Point Multipurpose Senior Community Service for almost three decades. His vision was to provide seniors who reside in Bayview-Hunters Point, who are often forced to leave their homes and relocate elsewhere, with alternative housing in the community they call home. With the purchase of Phase 3 of 5800 Third Street, Dr. Davis' dream is closer to being realized," said Stoll.

Stoll previously sold the entire 5800 Third Street to a joint venture with Lennar Development that he had worked on for six years before it closed. He had worked closely with the Bayview Hunters Point Senior Community for almost ten years to find a location for Dr. Davis' aging campus and said, "I am especially proud to be part of this effort since it earmarked the beginning of the late Dr. George W. Davis's dream to develop an aging campus for the seniors of Bayview-Hunters Point."

GVA Kidder Mathews is the fastest growing commercial real estate firm in the Bay Area, and one of the largest full-service independent firms on the West Coast with over 400 professionals and staff in 9 offices including downtown San Francisco, Redwood Shores, and Santa Clara, as well as locations in Washington and Oregon. The firm provides a full array of brokerage, appraisal, property management, consulting, sustainability practices, forestland services, and construction and development management services. They performed $6 billion in transactions over the last 3 years, manage over 22 million square feet of space, and conduct 1,000 appraisals annually. For more information, go to: www.gvakm.com

For inquiries, please contact Karen Benoit at 206.296.9600 or email: kbenoit@kiddermathews.com

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