(Save the date: RealShare Apartments comes to the Westin Bonaventure, Los Angeles, October 24.)
SAN FRANCISCO-GlobeSt.com has learned that Grosvenor Properties and Carmel Partners has sold Grosvenor Suites, a multifamily high-rise atop Nob Hill here, to Bridge Capital Partners, a unit of Friedkin Realty Group, for more than $80 million. The new owner plans to reposition the 205-unit, 19-story property as luxury apartments.
Alain Pinel Realtors Investment Group and Grosvenor Properties Ltd. handled the sale for the ownership entity; APR’s managing director Stephen Pugh, senior director Mark Bonn and senior associate Mirella Webb were the exclusive agents.
The offering attracted private-equity and institutional investors from around the country, and the bidding was competitive. APR calls the purchase one of the most significant San Francisco multifamily sales in decades.
Pugh tells GlobeSt.com that the new owners plan to hold the property, which was built in 1963, long term, and that the property was financed, but he could not reveal the details of the financing.
As GlobeSt.com previously reported, in March Pugh told GlobeSt.com that property, located at 899 Pine St., was up for sale and that it was the first time the property has ever been offered to the market.
According to Pugh at that time, the ownership believed it was an opportune time to market the property and allow the “very active resale market to determine the ultimate sales price.” He added 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.”
He also explained that a new owner could 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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Carrie Rossenfeld
Carrie Rossenfeld is a reporter for the San Diego and Orange County markets on GlobeSt.com and a contributor to Real Estate Forum. She was a trade-magazine and newsletter editor in New York City before moving to Southern California to become a freelance writer and editor for magazines, books and websites. Rossenfeld has written extensively on topics including commercial real estate, running a medical practice, intellectual-property licensing and giftware. She has edited books about profiting from real estate and has ghostwritten a book about starting a home-based business.
