Built between 1948 and 1954, the 13-tower, 120-acre development is expected to sell for between $186,000 and $195,000 per unit, or between $650 million and $680 million. Carmel and money partner JP Morgan Strategic Property Fund acquired the complex from Leona Helmsley in 1999 for $350 million and have since invested some $50 million into the property.
"We built a new clubhouse and a Montessori school, put in all new irrigation, sewers, painted everything and renovated all hallways and entranceways," Williams says. To defray some of the rehabilitation costs, Carmel sold off 153 units to neighbor San Francisco State University for $20 million, according to published reports.
Williams declined to confirm the name of the buyer, which is believed to be Stellar Management of Manhattan. Stellar owner Laurence Gluck could not be reached Thursday morning for comment.
The Villas Parkmerced is located near San Francisco State University, Stonestown Galleria and Lake Merced Park. The new clubhouse includes a fitness and business center, demonstration kitchen, billiards room, Internet kiosks and a movie theater. In addition to the clubhouse and Montesorri, onsite amenities include a grocery store and convenience store, community garden, bus and rail stops and shuttles to BART. Apartment units have parquet flooring, over-sized windows, walk-in closets and large living areas.
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