ARA's Winter Flurry of Multifamily Trades
Apartment Realty Advisors just closed a swath of deals on both sides of the Bay--including one with a "huge" price tag. Here's the scoop on four property trades.
Apartment Realty Advisors' Phill Boersma (snapped with daughter Leilah) tells Bisnow the deal for the complex at the hip corner of Valencia and 20th (below), which went under contract two weeks after hitting the sales block last year, is now done. The same buyer, an investment group, just picked up another property marketed by Phill: 1819 Golden Gate, which includes 16 residential units. Both sales traded as a package deal. He says December was an incredibly busy month for multifamily transactions in his office.
Off market transactions are big, too; Phill just closed one of those at Nob Hill's 1265 Washington. The 12-unit site traded for $7.1M, or over $700/SF, which he calls a huge number. The family buyer, which is planning a long-term hold, sees upside in the asset, with potential to convert large one-bedroom units into two-bedroom units. It's also a great spot at Washington and Jones. Across the Bay, ARA just closed 1425 Harrison in Oakland, a 61-unit apartment complex, for $9.6M.
