ArtHaus Partners, alongside equity partner Belay Investment Group, has completed the acquisition of The Terraces, a 117-unit multifamily community in San Francisco’s Nob Hill neighborhood. The transaction, priced at $25 million, reflects a basis of $212,000 per unit and $270 per gross square foot, giving the buyers a defined cost framework for their entry into this location.
The purchase represents a strategic expansion for ArtHaus Partners into the San Francisco market under its current brand. While the company, operating at the time as Riaz Capital, was active in the city more than a decade ago, The Terraces marks its reentry to San Francisco and the first investment locally for the ArtHaus name. The firm positions this acquisition as a platform to participate in evolving multifamily dynamics within the city.
The Terraces is characterized by the buyers as a value-add opportunity that ArtHaus had been monitoring since 2024. The extended tracking period underscores a targeted approach to timing and asset selection, with the partnership moving forward once pricing and fundamentals aligned with their investment thesis. The acquired basis, expressed both on a per-unit and per-square-foot metric, is described as attractive relative to current San Francisco multifamily conditions.
ArtHaus points to strengthening local fundamentals as an important backdrop for the acquisition, citing accelerating rent growth, improving leasing velocity, and a broader economic resurgence across the city. These factors support the rationale for deploying new equity into San Francisco workforce housing at this stage of the cycle, particularly in a well-established neighborhood such as Nob Hill.
For ArtHaus CEO Riaz Taplin, a San Francisco native, the transaction also carries a personal dimension. He notes the significance of returning to invest in his home city and acknowledges Belay Investment Group’s role as a capital partner in executing the strategy. The partnership frames the acquisition as part of a broader effort to elevate workforce housing across the Bay Area, using this Nob Hill asset as a foothold for additional regional activity as conditions warrant.
