Oregon Pension Fund Pays $86MM to buy Apartment Complex in San Francisco’s Mission Bay

Oregon Public Employees Retirement Fund, Eviva Mission Bay, Oregon Investment Council, General Investment and Development, Mission Bay by Windsor, Integral, Institutional Property Advisors, Windsor Columbia Realty Fund

By Jon Peterson

Oregon Public Employees Retirement Fund has acquired the Eviva Mission Bay apartment complex in the Mission Bay neighborhood of San Francisco for $86.25 million, or $668,604 per unit. This transaction was confirmed by the Oregon Investment Council, which oversees the investments made by the pension fund. The property is located at 360 Berry St. in San Francisco.

Oregon acquired this property through a joint venture with Boston-based General Investment and Development. The real estate manager’s regional office in San Francisco did not respond to phone calls and emails. The new owner has renamed the property Mission Bay by Windsor.

The seller of the property in Mission Bay was Atlanta-based Integral. This company was represented in the transaction by Phil Saglimbeni, a senior managing director with Institutional Property Advisors in Palo Alto. “The sale of this property attracted a great deal of interest. It represents one of a few large institutional quality apartment complexes that has traded hands within the city limits of San Francisco over the past three and half years,” said Saglimbeni.

Integral was the original developer of the 129-unit property. It was completed and stabilized earlier this year. The unit mix of the complex has a breakdown of 80 percent market rate and 20 percent affordable units. The non-market rate units are reserved for residents earning less than 90 percent of the area median income. This development was the first project in San Francisco for Integral.

The name of the joint venture between Oregon PERF and GID is called the Windsor Columbia Realty Fund. The capital placed into this venture was increased in March of 2017 with a new $250 million commitment from Oregon. The portfolio in the venture now is valued at $1.6 billion and is spread out in a variety of markets across the country.

All of the property in the joint venture are apartments, and there is a total of 17 assets in the venture. These are 13 existing properties and another four assets that are in the development phase. This venture was first started in 2005. Its investment mandate calls for it to acquire and selectively develop core properties with resilient income streams. The existing properties that it buys are typically high quality, strong locations with very high occupancy.

West Coast Commercial Real Estate News