SAN FRANCISCO-Two limited partnerships in which San Francisco real estate owner Russ Flynn has invested, have acquired two locally owned properties. The properties were acquired through a deed in lieu of foreclosure, after purchasing the defaulted notes from UBS Real Estate Securities Inc.
The acquirers were represented in the purchase of the notes by Dan McGue of Paragon Real Estate Group. Flynn is excited by these most recent acquisitions, according to a prepared statement, and points out that they are well positioned for the improving market.
McGue adds “these two properties are possibly the best of the recent acquisitions by Flynn affiliated entities in terms of quality of location and property architecture…they will prove to be an excellent value.”
One of the properties is the Park Lane at 1100 Sacramento St., across from the Fairmont Hotel and the Pacific Union Club on top of Nob Hill. This luxury apartment building of more than 78,000 square feet houses 33 large high end apartments with views in all directions. The property was built in 1925 and has beautiful period detail, including architecturally significant units and a large ornate lobby. The property also has two garages with 34 parking spaces.
The other property is the Gaylord Hotel, located at 620 Jones. It includes 167 residential units, one commercial space and a parking garage. Built in 1929, it also has a large lobby and many of the units have excellent views as well, according to a prepared statement. The commercial space is occupied by the restaurant, Jones.
The properties have had major improvements made to the units and the common areas, estimated at $3.4 million for the Park Lane and $8.4 million for the Gaylord.
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Natalie Dolce
Natalie Dolce, editor-in-chief of GlobeSt.com and GlobeSt. Real Estate Forum, is responsible for working with editorial staff, freelancers and senior management to help plan the overarching vision that encompasses GlobeSt.com, including short-term and long-term goals for the website, how content integrates through the company’s other product lines and the overall quality of content. Previously she served as national executive editor and editor of the West Coast region for GlobeSt.com and Real Estate Forum, and was responsible for coverage of news and information pertaining to that vital real estate region. Prior to moving out to the Southern California office, she was Northeast bureau chief, covering New York City for GlobeSt.com. Her background includes a stint at InStyle Magazine, and as managing editor with New York Press, an alternative weekly New York City paper. In her career, she has also covered a variety of beats for M magazine, Arthur Frommer's Budget Travel, FashionLedge.com, and Co-Ed magazine. Dolce has also freelanced for a number of publications, including MSNBC.com and Museums New York magazine.
