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July 14, 2020
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San Francisco Multifamily Property Trades in Transaction Worth over $300 Mil


Northwestern Mutual has purchased Jasper, a 319-unit, luxury high-rise apartment building in San Francisco, in a deal pros estimate came in around $306 mil ($959k/unit). The asset was acquired from Crescent Heights, free and clear of any existing debt.

Jasper is located at 45 Lansing St, adjacent to I-80 and the entrance to the San Francisco-Oakland Bay Bridge. The property is also within walking distance to the Embarcadero BART Station and the Financial District less than a mile to the north.

Completed in 2016, the 40-story property comprises a mix of studio, one-, two- and three-bedroom floor plans totaling 303.8k sf. Residence amenities include stainless steel Bosch cooking suites with built-in dishwashers, Caesarstone countertops, full-size washers and dryers, dual-zone air conditioning and heating, roller shades, patios and terraces and keyless home entry.

Community amenities include a resort-style pool, club lounge with interactive video wall, on-site movie theater, dog walking service, fiber optic Wi-Fi, 24/7 concierge service and valet parking. The LEED Silver-certified property is 96% occupied.

Matthew Lawton, Scott Bales and Peter Yorck with HFF represented the seller in the transaction.

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