SAN FRANCISCO (July 8, 2020) – Amid the complexities of coronavirus crisis, Colliers International’s San Francisco multifamily brokers closed an impressive eight deals totaling over $48 million in the second quarter. Five of the transactions closed the week of June 9, alone. Led by Executive Vice Presidents James Devincenti and Brad Lagomarsino and Senior Vice President Dustin Dolby, the properties are situated in highly desireable neighborhoods of Russan Hill, Alamo Square, Nob Hill, Lone Mountain, Cow Hollow and Noe Valley.
“Well-located, high quality, multi-family assets continue to trade at aggressive pricing despite the crisis,” said Lagomarsino. “The turmoil has had a dampening effect on the market, as even contingent-free deals were subject to modest renegotiations of 1.8-5 percent during the shelter in place. Vacancy rates have increased from three to six percent in the second quarter of the year resulting in a noticeable softening of rental rates that will put further pressure on pricing. As the debt markets become more attractive, investors will return in hopes of capitalizing on these changes in the market.”
Details on each of the eight sales can be found below.
- 1900-1906 Hyde Street in Russian Hill sold for $3,550,000 and is comprised of seven units including six one-bedrooms, one commercial unit and two parking spaces.
- 1509 Golden Gate Avenue in Alamo Square sold for $6,320,000 and is comprised of 15 units including 12 two-bedrooms, three one-bedrooms and 15 parking spaces.
- 1244-50 California Street in Nob Hill sold for $8,025,000 and is comprised of 12 large three to four bedroom units.
- 828 Anza Street in Lone Mountain sold for $5,900,000 and is comprised of 12 one-bedroom apartments and 12 parking spaces.
- 1690 Greenwich Street in Cow Hollow sold for $7,400,000 and is comprised of 15 units including 12 one- bedroom units, three studio units, and 13 parking spaces.
- 510 Stockton Street in Lower Nob Hill sold for $7,300,000 and is comprised of 17 units including eight one-bedrooms, eight two-bedrooms, 1 commercial unit and 6 parking spaces
- 99 Jersey Street in Noe Valley sold for $6,965,000 and is comprised of 15 studio units and seven parking spaces.
- 48-50 Pond Street sold for $3,133,888 and is comprised of three flat-like apartments and two parking spaces.
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.