SoMa's Big Residential Trade

We just learned about yet another residential site near Twitter that's making headlines (so we'll keep this lead under 140 characters).

Behringer Harvard just scooped up 1401 Mission, which is already underway at the corner of 10th and Mission. Sources also tell us the deal closed last Friday. The Addison, Texas-based housing giant currently doesn't have a huge local presence; one of its only other S.F. properties is Argenta, a 179-unit luxury high-rise at 1 Polk. The Behringer camp did not respond by press time to a request for comment. About two years ago Martin Building Co bought the site, then an auto repair shop. (Which we learned a year and a half ago when we tried to get our axles realigned.)

We love this photo because it sums up S.F.'s crazy crane scene right now when it comes to multifamily. Pictured far left is 1401 Mission and, to the far right, that dark towering complex is NEMA. In the center is 1400 Mission, which will add 190 affordable units to the area come summer 2015. Thank nearby tech heavyweights for the infusion; last fall, Shorenstein VP of leasing Jim Collins counted for us 4,000 new apartment units, either completed, under construction, or in planning stages in the two blocks surrounding Twitter's HQ. That's a big shot in arm for this area, which was previously a sleepy neighborhood, he said. (Our mom always told us we can't nap forever.)

Sources tell us Behringer will stick with Martin's game plan for the site. Here's Build Group's rendering of the tower, which is currently known as 1401-1415 Mission. When done, the 12-story building will have two levels of subterranean parking and bike spots, with a 121-unit mix of studios and one and two bedrooms.