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BAY AREA NEWS
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Upscale San Francisco Apartment Building Sells for $860k/Unit

11/14/14

Veritas Investments purchased 6 Mint Plaza, a 25-unit apartment complex in San Francisco, for $21.5 mil, or $860k/unit. The upscale residential property, located on Jessie St at 5th St, is situated in the city’s SOMA (South of Market) district.

Mint Plaza (Photo from 6 Mint Plaza website)
Mint Plaza (Photo from 6 Mint Plaza website)
Veritas, a local San Francisco owner, purchased the asset, also known as Station House, from Virtu Investments. It is located across the street from the Westfield Shopping Centre, around the corner from the soon-to-be-developed 5M Project, and amongst numerous restaurants and retailers. Featuring historic architecture with modern conveniences, property tenants enjoy such amenities as an on-site concierge, turnkey management services and roof deck access.

The property is part of Mint Plaza, an open plaza area that serves as a community gathering spot bustling with regular art exhibitions and cultural programs, including outdoor music festivals, cinema alfresco, farmers markets, and public art installations. The plaza features new restaurants and cafés offering both indoor and outdoor dining. Here, food lovers can bask in the afternoon sun over lunch or enjoy an evening under the stars. And when you are ready to be entertained, Mezzanine has it all.

According to the website for 6 Mint Plaza, there is a two-bedroom/one-bath unit, containing 840 sf, about to become available for rent. The unit is available on a short-term lease basis only, with a rent of $5,555/mo.

Jordan Moss, Michael Thomas and Toby Costello of CBRE’s San Francisco Multifamily team represented both parties in the transaction. CBRE’s Thomas tells us that they received strong interest with five offers, but Veritas was willing to stretch to put forth a highly creative and competitive bid.







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