A family from Hong Kong operating under the name Carmelia Investment Corporation sold the asset after 10 years of ownership to Nob Hill Tower DE, an LLC set up by a locally based private investment group that owns a few thousand units in the city and is a long-term holder. James Devincenti of Marcus & Millichap in San Francisco brokered the transaction.

The rent-controlled property is located at 1221 Jones St., near Grace Cathedral. The building was constructed in 1971. It contains 75,062 rentable sf divided into eight studios, 40 one-bedroom units and 24 two-bedroom units that range in size from 500 sf to 1,450 sf. Monthly rental rates range from $1,445 to $3,774.

The buyers could not be reached for comment. Sources familiar with the transaction tell GlobeSt.com the acquisition was highly leveraged and that the initial cap rate for the new owner is 4.8%.