SAN FRANCISCO, CA (November 13, 2018) – The Colliers International team of James Devincenti and Brad Lagomarsino just closed on a trio of trophy apartment buildings in San Francisco, California, totaling 104 units and $64,775,000, with a record-breaking 2.14 percent cap rate, at $622,837 per unit.
The three properties were part of a portfolio held by the Bernheim/Rogers family since 1932, each with unique appeal: 555 Buena Vista Ave. W., a historic, Spanish Churrigueresque design directly across from Buena Vista Park; 810 Eddy St. in the Van Ness corridor, near Opera Plaza; and 2110 Jackson St., an Art Deco building in Pacific Heights with Golden Gate Bridge and bay views.
“Rarely do trophy multifamily assets of this caliber come to market, and when they do, they generate a lot of interest from investment groups around the country,” said Devincenti, Executive Vice President, Multi-Family Investment Services, whose team represented both seller and buyer. “All of these trophy apartment buildings sold at record-breaking metrics and significantly above their asking prices.”
The portfolio sale closed on October 17, 2018, to Ballast Acquisitions, LLC, a San Francisco-based investment fund.
That transaction closely followed another significant trophy apartment building sale for Devincenti and Lagomarsino’s team: the 46-unit 250 Fell St. in Hayes Valley, which closed on Oct. 3, 2018, for $17.7 million ($384,783 per unit, and a 2.57% cap rate). Seller John Williams and buyer Veritas Investments were both represented by James Devincenti and Brad Lagomarsino.
The coming weeks are set to bring yet another major multifamily sale for Devincenti and Lagomarsino’s team, as well: The classic 1920s trophy apartment building at 2275 Broadway St., with 28 units in Pacific Heights, is in escrow for over $34 million, and scheduled to close at the end of November.
“Despite cap rates inching upward in San Francisco, and some investors slowing down on multifamily building purchases, we’re set to end the year on a high note,” says Executive Vice President Brad Lagomarsino. “It’s a testament to our team’s drive and commitment, and relationships with buyers who are ready to invest when special properties like these come along.”
The Devincenti/Lagomarsino Team of Colliers International stands as the top-selling apartment brokerage team in San Francisco, with over $3.590 billion in closed sales and more than 13,380 units sold.
About Colliers International Group Inc.
Colliers International Group Inc. (NASDAQ and TSX: CIGI) is an industry-leading real estate services company with a global brand operating in 69 countries and a workforce of more than 12,000 skilled professionals serving clients in the world’s most important markets. Colliers is the fastest-growing publicly listed global real estate services company, with 2017 corporate revenues of $2.3 billion ($2.7 billion including affiliates). With an enterprising culture and significant employee ownership and control, Colliers professionals provide a full range of services to real estate occupiers, owners and investors worldwide. Services include strategic advice and execution for property sales, leasing and finance; global corporate solutions; property, facility and project management; workplace solutions; appraisal, valuation and tax consulting; customized research; and thought leadership consulting.
Colliers professionals think differently, share great ideas and offer thoughtful and innovative advice that help clients accelerate their success. Colliers has been ranked among the top 100 global outsourcing firms by the International Association of Outsourcing Professionals for 13 consecutive years, more than any other real estate services firm. Colliers also has been ranked the top property manager in the world by Commercial Property Executive for two years in a row.