(Read more on the multifamily market.)
SAN FRANCISCO-Capital Properties of New York City has attracted Ingrid Summerfield to be its EVP of West Coast development. Previously Joie de Vivre Hospitality's SVP of new hotel operations, Summerfield's first order of business for Capital Properties will be overseeing the repositioning of its first California acquisition.
In June, Capital Properties paid $143 million for the residential component of Rincon Center, a 320-unit Downtown property located adjacent to the Ferry Building and the Embarcadero. Plans are currently under way to turn the property into a luxury residential complex that offers both furnished and unfurnished apartments and spectacular views of the San Francisco Bay and the Bay Bridge.
"When [Capital Properties founder and president] Richard Cohen spoke to me about his vision for Rincon, there was an instant connection for me," Summerfield says. "Not every day do you get a water-facing iconoclastic building that lends itself to creating a new brand and a new product."
Capital Properties' Rincon Center Towers project is expected to be complete in spring 2008. The apartment component of Rincon Center is located on floors seven through 23 of 88 Beale St. Beacon Capital Partners owns the first six floors, which house 470,000 sf of office space and 60,000 sf of retail.
The apartments were originally approved as condos when the building was constructed in 1989. The vacancy is due to the fact that Beacon, and the company from which it acquired the property, had been considering a condo conversion. Capital Properties plans to use the vacancy expand the number of corporate apartments in the building.
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