(Mark Your Calendars: RealShare REAL ESTATE 2012, March 22nd in Los Angeles).
SAN FRANCISCO-Stephen Pugh, managing director in the San Francisco office of APR Investment Group, tells GlobeSt.com that the Grosvenor Suites at 899 Pine St. is up for sale. He tells GlobeSt.com that this is the first time the 205-unit property—owned by Grosvenor Properties and Carmel Partners—has ever been offered to the market.
According to Pugh, the ownership believes is it an opportune time to market the property and allow the “very active resale market to determine the ultimate sales price.” He adds that “the asset continues to operate at a high occupancy due to its premier location near the top of Nob Hill and its ability to attract short-term and long-term tenants.”
When asked a ballpark of what the property might fetch, Pugh says “probably over $70 million.” He also points out that the offering has already attracted all types of investors including local, national and international investor groups and REITs.
The multifamily property consists of a 19-story, 200+ unit residential building. The property was built in 1962 and consists of studios, one bedrooms and a top floor penthouse. The building also includes 87 individual parking spaces and is in close proximity to Union Square.
According to Pugh, “the opportunity to acquire a multifamily asset of this scale and location is unprecedented in San Francisco. The greatest opportunity of this offering from a future value perspective is the ability to vacate over 90% of the units,” he says.
He explains that a new owner can restructure and create their own vision for the property. “In rent controlled San Francisco this freedom empowers the investor/new owner to immediately take advantage of establishing market rents which are currently soaring upward.”
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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.
