38-Unit Russan Hill Property Trades for $35.75MM

SAN FRANCISCO (December 19, 2019) – Colliers Northern California team of Executive Vice Presidents James Devincenti and Brad Lagomarsino and Vice President Dustin Dolby recently executed the transaction of an impeccably kept, 43,120 square-foot apartment building located in San Francisco’s highly desired Russian Hill neighborhood. The property, which is located at 2355 Polk Street, sold for $35,750,000 ($940,789 per unit) and closed escrow on Dec. 3, 2019.

“We were honored to be selected by the ownership, amongst a pool of very qualified brokers, to represent them in the sale of this beautiful trophy apartment building in Russian Hill, which had been owned by the same family for over 60 years,” said Devincenti. “We take great pride in these marketing assignments and were pleased to produce a result that maximized the value for the estate.”

Located at the corner of Union and Polk streets, the apartment building sits in a prime location within walking distance of many shops and restaurants and has a view of the San Francisco Bay. The property is centrally located and adjacent to the neighborhoods of Cow Hollow, Pacific Heights and the Marina District, making iconic San Francisco landmarks and beyond easily accessible.

Classic architectural details are preserved throughout the building’s lobby, shared spaces and 38 spacious units. The property was originally built in 1924 and contains 32 one-bedroom units and six two- bedroom units, ranging in size from 600 to 1,300 square-feet. The majority of the building’s floorplans include living and dining rooms, and feature hardwood floors, walk-in closets and granite or tile counter tops. Thirty-two parking spaces are included in the property’s enclosed garage.

About Colliers International Group Inc.

Colliers International (NASDAQ, TSX: CIGI) is a leading global real estate services and investment management company. With operations in 68 countries, our 14,000 enterprising people work collaboratively to provide expert advice and services to maximize the value of property for real estate occupiers, owners and investors. For more than 20 years, our experienced leadership team, owning approximately 40% of our equity, have delivered industry-leading investment returns for shareholders. In 2018, corporate revenues were $2.8 billion ($3.3 billion including affiliates), with more than $26 billion of assets under management.

West Coast Commercial Real Estate News