🌴 Beverly Hills $10B luxury mixed-use mega-project
🏆 SF’s trophy tower hits the market at $1B+
📈 Cap rates signal CRE recovery
📚 Workshops & courses: AI, Selling into RE Owners & retail capital raising (new)

Data Viz of the Week: America the Senior Home

If you want to understand where real estate demand is headed, demographics are a strong guide.

The U.S. population pyramid makes one trend unmistakable: senior housing—especially assisted living and memory care—will see sharp growth over the next decade as the number of older adults surges. The steepest increases are in the 75–85 and 85+ age groups.

At the same time, we'll see fewer children and teenagers, and the relatively small size of Gen X could hurt active adult communities serving the 55-65 demo.

Upcoming Thesis Driven Courses & Classes

• 📣 LAST CALL September 29: Fundamentals of Commercial Real Estate (💻 Online): a 5-week online bootcamp in NYC on playbooks for raising capital from HNWIs, family offices and institutional investors - Sign up

• October 6: Selling into Real Estate Owners (💻 Online): A bootcamp for people selling technology and products into the real estate industry - Sign up

• October 7-8: Workshop: AI in Real Estate (💻 Online): A two-day interactive workshop for real estate owners, operators, and developers exploring how to use AI in the sector - Sign up 

• October 14-15: Workshop: Raising Retail Capital at Scale (💻 Online): A two-day interactive workshop for real estate sponsors, entrepreneurs, and fund managers raising capital from individual investors at scale. - Sign up 

Three Articles We Loved from Last Week

It’s not easy keeping up with everything. Here are three articles we loved from the past week that you may have missed:

1. (WSJ) Beverly Hills Is Plunging Headfirst Into a New $10 Billion Luxury Development

   A massive mixed-use development (One Beverly Hills) is rising on 17.5 acres near Rodeo Drive. It includes a 78-suite Aman hotel, two ultra-luxury residential towers (priced $20M+ to $40M+), 200,000 sq ft of high-end retail, and public botanical gardens. About 40% of the retail is already leased to brands like Dolce & Gabbana.

2. (San Francisco Chronicle) One of S.F.’s trophy towers is for sale. It could reset the city’s high-end RE market

   101 California Street, an iconic 48-story office tower in San Francisco, is now listed for sale at over $1 billion. Despite broader office market struggles, the building maintains ~88% occupancy and has undergone $75M in upgrades to stay competitive.

3. (CRE Daily) Cap Rates Signal CRE Recovery as Fed Cuts Boost Demand

   Cap rates are showing early signs of compression following the Fed’s rate cut, with investors re-entering the market after a prolonged freeze. Industrial and multifamily are leading the way, drawing fresh capital as lower borrowing costs improve underwriting. While retail and office lag, analysts say the shift signals that CRE values may have bottomed and are beginning to rebound.

Developer of the Week: Woodfield Development

Woodfield Development has begun vertical construction at 840 Woodrow, a $77M mixed-use project in Southwest Atlanta near the Beltline’s Westside Trail. In partnership with Vida Companies and American South Capital Partners, the 7-acre redevelopment will deliver 326 apartments and townhomes, with 20% designated affordable, exceeding city requirements. 

The first phase—25 build-to-rent townhomes—will deliver in 10 months. Woodfield is also adding subsidized commercial space for local entrepreneurs and adaptive reuse components. 

The project is expected to create 500 construction jobs and marks another major intown investment for Woodfield, known for projects across the southeastern US.

You can read more about Woodfield on the Thesis Driven GP database here.

Know about a developer doing something cool? Reach out to [email protected] with the tip!

Investor of the Week: CrossHarbor

CrossHarbor Capital Partners is a Boston-based private real estate investment firm founded in 1993 by Sam Byrne. The firm manages roughly $10.7B AUM and has completed over $34B in transactions, deploying flexible capital across equity, preferred equity, mezzanine, and debt.

CrossHarbor is best known for its Big Sky, Montana investment—leading the turnaround of the Yellowstone Club after its 2009 bankruptcy and continuing to expand the resort and surrounding community. Beyond hospitality and resort assets, the firm targets underperforming, complex, or distressed real estate across the U.S., with a mandate that spans opportunistic equity and transitional lending.

With a reputation for stepping into complicated situations and structuring creative solutions, CrossHarbor has positioned itself as a go-to capital partner for sponsors seeking both flexibility and long-term value creation.

Get more details on CrossHarbor, including access to executive contacts, on the CapitalStack database here.

—Brad and Paul