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GlobeSt.com UPDATE: Stellar, Rockpoint Buy 3,221-Unit Parkmerced Complex

SAN FRANCISCO-For a price believed to be between $650 million and $680 million, the private real estate owner-manager from New York City and the Boston-based investment group purchase the 13-tower, 115-acre development from locally based Carmel Properties and JP Morgan.

By Brian K. Miller | Updated on October 03, 2005

(To read more on the multifamily market, click here.)

SAN FRANCISCO-The 3,221-unit Villas Parkmerced apartment development here has changed hands for a price believed to be between $186,000 and $195,000 per unit, or between $650 million and $680 million. A joint venture of locally based Carmel Partners and JP Morgan of Boston sold the 115-acre, 13-tower development to a joint venture of New York City-based Stellar Management and Rockpoint Group, a Boston-based investment and management firm.

Located near San Francisco State University, Stonestown Galleria, Lake Merced Park and four golf courses, Villas Parkmerced is the largest contiguous residential apartment community in San Francisco and one of the largest on the West Coast. The rent-controlled property is 98% leased. Parties involved declined to release the sale price or confirm the estimated range provided to GlobeSt.com by industry sources familiar with the transaction.

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