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| 2299 Pacific Avenue, Pacific Heights, San Francisco, CA |
SAN FRANCISCO, CA– Marcus & Millichap Real Estate
Investment Services, the nation’s largest real estate investment services firm,
has arranged the all-cash sale of 2299 Pacific Ave., a trophy 1920s
apartment building located in San Francisco’s Pacific Heights neighborhood.
The
16-unit asset commanded $10.5 million, or $650,250 per unit—one of the highest
prices per unit achieved in the city so far this year.
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| Brad Lagomarsino |
James Devincenti, a senior vice president
investments, and Brad Lagomarsino, a vice president investments in
Marcus & Millichap’s San Francisco office, represented the seller, the
Henry I. Prien Family Trust. The buyer was a high net-worth individual
representing two family trusts, which acquired the asset as-is, closing escrow
in two weeks.
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| James Devincenti |
“A rarely marketed asset, this trophy apartment building had
been owned by the same family for more than 46 years,” says Devincenti.
“With
our unique marketing plan capitalizing on the asset’s trophy appeal, we were
able to attract more than 10 qualified offers from a wide array of investors,”
he notes. “Because of the high demand for quality infill assets in prime
neighborhoods, we were able to close this transaction at a cap rate of 3.25
percent and a GRM of 17.55.”
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| Conrad A. Meussdorfer |
“The property’s immaculate condition, large units with
fireplaces and views of the Golden Gate Bridge and its design by
renowned architect, Conrad Alfred Meussdorfer, further enhance its
appeal and the long-term intrinsic value of this property,” Devincenti adds.
Built in 1928, 2299 Pacific Ave. is a nine-story, concrete
and steel apartment building. It has a gold copper leaf composite ceiling and
an attractive tile entryway with a fountain that grace its lobby, and the
beautifully maintained building boasts many newer systems and many recent
capital improvements.
The building is comprised of one studio/one bath unit (425
square feet), 12 one-bedroom/one-bath units (1,135 square feet), one two-level,
two-bedroom, two-bath units (1,560 square feet), one two-level, three-bedroom,
two-bath unit (approximately 1,830 square feet) and one office (600 square
feet).
2299 Pacific Ave. is situated on the corner of Pacific and
Webster streets in the heart of San Francisco’s prestigious Pacific Height’s
neighborhood, convenient to many shops, restaurants and parks.
Contact:
Stacey Corso
Marcus & Millichap
(925) 953-1716
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