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2 Multifamily Complexes Trade for $18M

SAN FRANCISCO-San Francisco's apartment market is alive and well, as evidenced by the recent sale of two buildings in separate transactions valued at $9 million and $8.9 million respectively. More investors are focusing on the residential market here, as the office market remains slow.

By Michelle Savage | Updated on September 12, 2002

SAN FRANCISCO-Two San Francisco apartment buildings have been sold to separate investors for a combined total of nearly $18 million, as more investors respond to the slowdown in the office market partly by focusing more on the residential market, which is enjoying stronger demand.

A group of investors, known as 2525 Larkin Street LLC, have acquired a six-story, 13-unit apartment building at 2525 Larkin St. for $9 million, with a 3.81% cap rate. The property, which was built in 1927, offers a range of one-, two-, and three-bedroom apartments in the Russian Hill District. James DeVincenti of Marcus & Millichap brokered the deal. The seller was Prien Properties.

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