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5/13/25
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In a large Bay Area multifamily trade, PCCP has acquired a 23-property portfolio for $540.5 mil. The portfolio, which consists of 1,770 units ($305k/unit) in 76 buildings, was sold by Veritas and Ivanhoé Cambridge.
The properties are all located in San Francisco and Oakland with an average size of about 23 units each. Two of the largest assets are in Oakland. They are the Vue de Lac Apartments, a 75-unit asset at 1600 Third Ave, and an 88-unit property at 257 Vernon St that was constructed in 1970 and is situated in the Adams Point neighborhood, near Lake Merritt and Grand Ave.
One of the largest acquisitions in San Francisco is a 36-unit building at 2200 Leavenworth St. Built in 1928, the six-story building is located in the city’s Russian Hill neighborhood and features classic 1920s architectural details. Its unit mix consists of 12 studios, 12 one-bedroom units and 12 two-bedroom apartments.
The acquisition was funded with a loan of $430 mil provided by German American Capital. PCCP has retained Veritas to manage the properties going forward.
PCCP was originally founded as Pacific Coast Capital Partners in 1998 by William Lindsay, Donald Kuemmeler and Aaron Giovara. The firm, based in Los Angeles, currently has over $25 bil in assets under management.
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