SAN FRANCISCO-Those who follow @GlobeStcom on Twitter and @GlobeStLIVE may have seen a post teasing the announcement, but GlobeSt.com has learned that a four building 249-unit portfolio has been sold to Neveo Mosser.
Although GlobeSt.com isn't able to report the pricing and further details of the transaction at this time, the addresses are 72 Gough, 825 Post, 1008 Larkin and 750 O' Farrell and the seller was Prado Group and the co-seller of the portfolio was Angelo Gordon.
Mark Bonn was the lead broker along with Mirella Webb and Stephen Pugh.
These properties were formally owned by the Lembi Family and sold to Prado Group by UBS. The sale price reflects a cap rate of approximately 5.2%.
According to a source close to the deal, the sale “is representative of how cap rates have been dropping even in the core downtown locations of the San Francisco.”
We will update this story as we learn more about the transaction.
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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.
