SAN FRANCISCO-Park West Associates has sold Park West Apartments, a 126-unit multifamily property located in the Inner Sunset district here, to Essex Trust for $31.6 million. The owner sold the asset, which was built in 1958, after owning it for more than 30 years.
Stephen Pugh of Alain Pinel Realtors Investment Group represented the seller in the transaction. Pugh tells GlobeSt.com that the seller disposed of the asset because of favorable market conditions and that Essex plans to add value to the property and hold it for the long term.
“Park West Apartments is one of only three 100-plus multifamily assets in the Sunset District of San Francisco and directly across from Golden Gate Park,” Pugh adds. “The sellers saw an opportunity to offer the asset to the extremely active San Francisco multifamily resale market, and the buyer seized an opportunity to add to their San Francisco holdings.”
As GlobeSt.com previously reported, in June Alain Pinel represented seller Prana Investors in the disposition of a 12-asset, 323-unit portfolio of multifamily and mixed-use properties here to Urban Green for $38.5 million. The sale was significant in that it represented the first major portfolio sale of assets not owned by the Lembi family in San Francisco. The assets were concentrated in the downtown corridor of San Francisco.
In addition, as GlobeSt.com also previously reported, in May Alain Pinel and Grosvenor Properties Ltd. represented seller Grosvenor Properties and Carmel Partners in the disposition of 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. At the time of the sale, the new owner planned to reposition the 205-unit, 19-story property as luxury apartments.
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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.
