Starcity Minna

Invest in Starcity’s newest coliving project in San Francisco

$28,000,000
Offering Amount
$5,000
Minimum Investment
22.4%
Targeted Investor IRR
4-5 Years
Target Hold Period
Meet Starcity Minna

A cutting-edge
project

Starcity Minna will be comprised of 15 residential floors over a welcoming ground floor lobby, lounge, and outdoor patio, as well as a bicycle repair and storage facility.

Each residential level (FL 2-16) will host 18 private units with ensuite bathrooms and a 1,000 SF amenity space that includes a chef’s-style kitchen and dining area, and media lounge with expansive city views. The building is topped by a large landscaped rooftop terrace, offering panoramic views of San Francisco.

Starcity Minna photo
Starcity Minna photo
01
Fully entitled
16-story, 122,300 square foot
ground up development.
02
270 coliving units

Each unit is 230 square feet.

03
Affordable housing

53% of units designated as deed-restricted below market rate affordable units.

04
Modular development

Replicable unit structure allows for modular development efficiencies and cost savings.

05
Construction timing

Construction commencing Q4 2021.
Estimated completion Q2 2023.

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DEVELOPMENT DETAILS

Forward-thinking architecture

Starcity Minna will consist of steel modules over a concrete ground-floor podium, tied-together with a concrete elevator core. As shown in the floor plan below, four primary module types will make up the private units, corridors, common areas and stairs. Each module will arrive fully outfitted with furnishings, bathroom and kitchen fixtures, piping and wiring.

Modular construction is well suited for Starcity Minna for two main reasons. First, San Francisco has the most expensive construction labor rates in the world, and modular construction shifts those costs to an off-site factory. Second, the standardized unit layout is conducive to manufacturing.

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Floorplans
Floorplans
Elevations
Elevations
What is coliving?

Coliving is a way of living where people choose to share space with their housemates, build relationships, and look after each other.

Coliving photo
Coliving photo
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We make living together easy

Starcity takes care of the community so the community members can take care of each other. You’ll never worry about buying furniture, weekly cleaning, or basic amenities. You’ll never have to set up the utilities or wait for someone to fix the cable. We handle all of that so you can focus on what’s more important.

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Bringing community back to the city

If you’ve lived in the city, you’ve felt lonely. We definitely have. That’s why we wanted to solve this problem by bringing people together to create real connections. Our homes are filled with unique personalities, lively conversations, fun events, and shared meals.

Market

San Francisco

As the focal point of the Bay Area and Silicon Valley, San Francisco will always benefit from tech staples, such as Google and Facebook, and renowned universities, such as UC Berkeley and Stanford.

San Francisco map
San Francisco photo
San Francisco photo
San Francisco photo
San Francisco photo
Market

South of Market

SoMa is a melting pot of professionals, workers, students, tourists and home to a thriving tech scene, world-class restaurants, bars, cafes, and the Giants.

All the hits
Daytime activities abound for tourists and locals alike. On one side, you’re close to the major shopping sites and museums downtown. In the other direction, you have the waterfront at the Embarcadero, the ballpark, and the Chase Center just a few blocks away.

Just a walk or a short ride away
If you work in SoMa, you can’t beat this location–walk to work! Access to the rest of SF and the Peninsula is made easy with MUNI and Cal-Train four blocks away. Beat in-city traffic by being a stone’s throw from the 80/101 and 280 freeway on-ramps.

Why Soma?

Local Amenities

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Public transportation

Public transportation options are abundant with BART, Caltrain and Muni steps away.

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Parks

Parks are ample with Yerba Buena Gardens and Salesforce Park drawing residents from all over the city.

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Tech-hub

Major tech employers have established office space in the region such as Google, Facebook and LinkedIn.

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Oracle Park

Oracle Park, home of the SF Giants, is within walking distance.

Development Activity

In the rapidly developing submarket, vacancies have fluctuated wildly as multiple 300+ unit apartment buildings have been opened in succession and rapidly leased up.

The immediate neighborhood near Starcity Minna has seen a rebirth in recent years. On an adjacent block, Essex Property Trust sold Mosso, a 463-unit building for $310M ($670,000 per unit) in Q4 2019; and along the same block of Minna Street, Brookfield Properties is developing 5M, a major mixed use project that includes office space, a public park and community spaces.

Learn more

Offering

We are offering membership interests to accredited investors in 457 Minna Investors, LLC under the following terms

$28,000,000
Offering Amount
22.4%
Targeted Investor IRR
$5,000
Minimum Investment
Regulation D 506(c)
Offering Type
4-5 Years
Target Hold Period
Form CRS
Download
Starcity Minna photo Starcity Minna photo
Logo

Our mission

“We create comfortable community homes that inspire people to live a more intentional life.”

Starcity is a San Francisco-based owner and operator of high density multifamily communities. As of mid 2020, Starcity has just over 600 beds in operation across San Francisco, Oakland, Los Angeles, and Barcelona with a current committed development pipeline of approximately 2,500 units.

Our team

“We are urban housing enthusiasts on a mission to make great cities accessible to everyone.”

Our 40-person team spans multiple disciplines including real estate, technology, design, and hospitality with employees from companies like Airbnb, CBRE, Cushman & Wakefield, Fairmont Hotels, FivePoint, Google, Tesla, Lyft, SoulCycle, The Standard, and Uber.

Photo of Jon Dishotsky
Jon Dishotsky
CEO
Photo of Mo Sakrani
Mo Sakrani
CIO
Photo of Zack Pardey
Zack Pardey
Construction
Photo of Curtis Wong
Curtis Wong
Structural
Photo of Dan Livingston
Dan Livingston
Mechanical
Photo of Maria Del Campo
Maria Del Campo
Interiors
Photo of Eli Sokol
Eli Sokol
Development
Photo of Stephen Richardson
Stephen Richardson
Board Director

Investors

Investors Investors

Partners

Starcity Minna’s development success requires the formation of an exceptional development team. Starcity performed an extensive search to identify every capable player for each role on the project team.

Architect
Structural engineer
Modular manufacturer
General contractor
Developer

Documents

Learn more about the offering.

Faq

Questions?
Find answers here.
  • The neighborhood of the project site is changing. How might that affect the resident experience?

    When Starcity Minna opens, its surroundings will have been transformed as part of Brookfield Properties’ 5M project. Construction on 5M is now underway. As it unfolds, former parking lots adjacent to Starcity Minna will blossom as they are sculpted into parks and green spaces. New office and residential towers, dining, and community attractions will draw fresh life to the area, allowing Starcity Minna’s residents to enjoy an exciting and revitalized neighborhood.

    Faq neighborhood
    View of Minna St, receding into the background. Starcity Minna will be located on the opposite side of the brick building in the mid-ground. Courtesy of Brookfield/5M.
  • Will there be issues with mixing Below Market Rate units among market rate units?

    In our observation, Starcity members are attracted to the diversity of their fellow community members and their backgrounds. Based on projected rent levels at Starcity Minna, we foresee that the community will consist of middle income earners — baristas, teachers, students, fire fighters, nurses, as well as entry level or early-career professionals. Estimated incomes will range from $49k (at the 55% of Area Median Income Below Market Rate level) to about $139k (corresponding with the highest priced market rate units). This income band represents approximately the middle 40% of earners in San Francisco. The top five floors of the building will host only market rate units, most of which will be priced in the highest rent tier.

  • How confident are we in the modular construction methodology?

    Highly confident. Starcity Minna will follow in the footsteps of the hospitality industry, which has seen leading brands such as Marriott and CitizenM embrace modular construction as the cornerstone of their development strategy. In late 2020, CitizenM will complete fully-modular construction of its 11-story 315-room hotel in downtown Los Angeles. This project demonstrates the feasibility of tall modular construction in a seismic zone. Starcity Minna will be built in the same way.

  • Who on the sponsor team has experience with a project of this size?

    The project’s architect (Brick), structural engineer (Holmes Structures), modular manufacturer (CIMC), and construction manager all possess deep experience building residential high rises in San Francisco, California, and beyond. Brick’s notable projects include a 13-story high rise at 550 O’Farrell in San Francisco; Holmes’ include a 14-story 450-unit steel modular student housing complex in New Zealand (high seismic zone); CIMC has manufactured tens of thousands of modules for numerous projects, including the 11-story 315-room CitizenM hotel in downtown Los Angeles; Starcity Minna’s construction manager has completed numerous residential high rises, including a 40-story tower on Fremont Street in San Francisco.

  • San Francisco rents have been on the decline because of the pandemic. When do we expect a recovery?

    The recovery is already well underway for coliving properties. Since bottoming out in July of 2020, Starcity portfolio occupancy levels in San Francisco have been increasing by 1-2 percentage points on average each month. By the time Starcity Minna opens in late 2023, we expect rents and occupancy levels to have long-since fully rebounded. This finding is in line with coliving market trends measured by Cushman and Wakefield, which reported in November of 2020 that:

    Several indicators point to continued demand from the coliving target demographic despite the ongoing crisis, as leasing metrics rebounded and exceeded pre-COVID rates due to continued depth of demand relative to supply, and rent collections exceeded performance of multifamily and Class A comparable product.
  • What’s the exit plan for investment in Starcity Minna?

    The exit plan for Starcity Minna, along with all of Starcity’s properties, is to be sold to the forthcoming Starcity REIT for stabilized properties, or to commercial buyers in the market that wish to keep Starcity in place as the operator.

  • Will the Below Market Rate units and market rate units receive the same offering?

    Yes. It is legally mandated that Below Market Rate units receive the same offering that is available to market rate units.

  • Below Market Rate units must be rented via a lottery system. How does that work?

    The lottery system is administered by the San Francisco Mayor’s Office of Housing and Community Development. When Below Market Rate units at Starcity Minna become vacant, a lottery is held for those units. Entry into the lottery is available to applicants who meet specific income requirements in line with those of the particular Below Market Rate unit at Starcity Minna. Preferred access is granted in a number of circumstances. The details of those circumstances and of the broader program are described in the Marketing, Housing Preferences, and Lottery Procedures Manual. Applicants are guided through the process via an online portal provided by the City.