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5/06/08
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A 193-unit upscale apartment community in San Francisco’s Mission Bay area traded hands in a $115 mil transaction that works out to a price of $596k/unit. The property, the Edgewater Luxury Apartments, is located on a 157.1k sf lot at 355 Berry St, between Fifth and Sixth streets, within walking distance of AT&T Park, the San Francisco Caltrain station and light rail stations. It contains 157.2k sf of rentable space over six floors.
Built in 2007, Edgewater Luxury Apartments features a mix of one- and two-bedroom units along with a limited number of loft units. Community amenities include a clubroom with fireplace, flat panel television and kitchen for entertaining, 24-hour media fitness center, fully equipped business center and conference room with Internet access, exquisite outdoor courtyards with fireside lounge, reserved garage parking and convenient on-site storage facilities.
Unit amenities include: extensive views of the San Francisco Bay, Mission Bay channel and East Bay hills; full-sized stackable washer/dryer equipment in all homes; gourmet kitchens with stylish black appliances and granite countertops; and maple cabinetry in kitchens and bathrooms.
Stanford Jones, Sal Saglimbeni and Phil Saglimbeni of Marcus & Millichap represented the seller, Urban Housing Group, and the buyer, UDR Inc. According to Jones, “The market for Class A assets in exceptional Bay Area locations is showing little or no price erosion due to the global influences of the credit crisis and slowing economy.”
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