(EDITOR’S NOTE: According to sources with direct knowledge of the transaction information, the property sold for $306.5 million, or around $960,815 per unit.)
SAN FRANCISCO, CA – May 29, 2019 – HFF announces it has closed the sale of Jasper, a 319-unit, luxury high-rise apartment building in San Francisco, California.
HFF represented the seller, Crescent Heights, in the sale of the property to the buyer, Northwestern Mutual. The property was purchased free and clear of existing financing.
Jasper is located at 45 Lansing Street adjacent to Interstate 80 and the entrance to the San Francisco-Oakland Bay Bridge. The property also offers residents walking distance access to the Embarcadero BART Station and the Financial District less than a mile to the north. Completed in 2016, the 40-story property comprises a mix of studio, one-, two- and three-bedroom floor plans totaling 303,826 rentable square feet. Residence amenities include stainless steel Bosch cooking suites with built-in dishwashers, Caesarstone countertops, full-size washers and dryers, dual-zone air conditioning and heating, roller shades, patios and terraces and keyless home entry. Community amenities include a resort-style pool, club lounge with interactive video wall, on-site movie theater, dog walking service, fiber optic Wi-Fi, 24/7 concierge service and valet parking. The LEED Silver-certified property is 96% percent occupied.
The HFF investment advisory team representing the seller included executive managing director Matthew Lawton, managing director Scott Bales and director Peter Yorck.
Holliday GP Corp. (“HFF”) is a real estate broker licensed with the California Department of Real Estate, License Number 01385740.
About Crescent Heights
Crescent Heights is the nation’s leading urban real estate firm, specializing in the development, ownership and operation of architecturally distinctive mixed-use high-rises in major cities across the United States. For over three decades, the firm has successfully completed land entitlements, built new construction projects and created value-add strategies for existing developments. The firm’s diverse portfolio is built on a wide range of product types, including design-savvy micro units, spacious signature residences and extensive indoor and outdoor amenity packages reaching up to 75,000 square feet. Known for its commitment to innovation, Crescent Heights has a long history of catalyzing the evolution of emerging neighborhoods with creatively conceived projects. For more information, please visit http://www.crescentheights.com/.
About Northwestern Mutual
Northwestern Mutual has been helping families and businesses achieve financial security for more than 160 years. Through a distinctive, whole-picture planning approach, Northwestern Mutual empowers its clients to make the most of every single day and plan for important moments in their future. Northwestern Mutual combines the expertise of its financial professionals with a personalized digital experience to help its clients navigate their financial lives every day. With $272.2 billion in assets, $28.5 billion in revenues, and $1.8 trillion worth of life insurance protection in force, Northwestern Mutual delivers financial security to more than 4.5 million people who rely on them for life, disability income and long-term care insurance, annuities, and brokerage and advisory services. The company manages $128 billion of investments owned by its clients and held or managed through its wealth management and investment services businesses. Northwestern Mutual ranks 104 on the 2018 FORTUNE 500 and is recognized by FORTUNE® as one of the “World’s Most Admired” life insurance companies in 2019.
Northwestern Mutual is the marketing name for The Northwestern Mutual Life Insurance Company (NM), Milwaukee, WI (life and disability insurance, annuities, and life insurance with long-term care benefits) and its subsidiaries. Northwestern Mutual and its subsidiaries offer a comprehensive approach to financial security solutions including: life insurance, long-term care insurance, disability income insurance, annuities, life insurance with long-term care benefits, investment products, and advisory products and services. Subsidiaries include Northwestern Mutual Investment Services, LLC (NMIS) (securities), broker-dealer, registered investment adviser, member FINRA and SIPC; the Northwestern Mutual Wealth Management Company® (NMWMC) (fiduciary and fee-based financial planning services), federal savings bank; and Northwestern Long Term Care Insurance Company (NLTC) (long-term care insurance).
HFF and its affiliates operate out of 26 offices and are a leading provider of commercial real estate and capital markets services to the global commercial real estate industry. HFF, together with its affiliates, offers clients a fully integrated capital markets platform, including debt placement, investment advisory, equity placement, funds marketing, M&A and corporate advisory, loan sales and loan servicing. HFF, HFF Real Estate Limited, HFF Securities L.P. and HFF Securities Limited are owned by HFF, Inc. (NYSE: HF). For more information, please visit hfflp.com or follow HFF on Twitter @HFF.