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5/21/25
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Douglas Wilson Companies (DWC), the court-appointed receiver of Parkmerced, the 3,221-unit community located in the southwest corner of San Francisco, has taken control of the property from the owner who defaulted on its $1.8 bil loans. The receiver plans to invest more than $70 mil in initial capital improvements to address immediate health and safety issues and to stabilize the community, which is currently 80% leased.
“We have been given authority from the Superior Court and substantial capital from the lender to immediately focus on repairing and replacing health and safety deficiencies, including inoperable elevators, interior and exterior lighting, water intrusion, and mold issues,” said Douglas Wilson, chairman and CEO of Douglas Wilson Companies. “Our priority is to make sure our current residents are safe and comfortable while living at Parkmerced.”
Brick + Timber, an affiliate of the San Francisco-based real estate firm Ballast, has been engaged by DWC to manage the community of more than 8,000 tenants and has begun overseeing leasing activities and tenant relations.
DWC will work to preserve the entitlements of Parkmerced's current redevelopment plan for future developers. The City and County of San Francisco approved the plan, which includes adding more than 8,000 new residences, along with accompanying retail, office, and amenity spaces.
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