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4/28/26
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Ballast has acquired a trophy portfolio of three historic multifamily buildings in San Francisco for $48.5 mil. Collectively known as the “Three Sisters,” the vintage properties, totaling 110 units ($441k/unit), are located along the Van Ness corridor on the border of the city's prestigious Pacific Heights neighborhood.
The three adjacent six-story buildings offer a mix of spacious studio, one- and two-bedroom residences, along with two ground-floor commercial retail spaces. The portfolio was 97% occupied at acquisition.
Built in 1928 between Clay and Sacramento streets, the buildings are among the most distinctive residential properties on one of San Francisco's most storied corridors. The portfolio features richly preserved architectural detailing, grand lobby spaces, elevator service, laundry facilities, access to a large shared courtyard, and proximity to Polk Street restaurants, shops, public transportation, Lafayette Park, and Alta Plaza Park. The middle property is the former Spreckels mansion, anchoring the portfolio to one of the most recognizable names in San Francisco's residential history.
“Three adjacent, impeccably maintained historic buildings of this scale and architectural pedigree simply don't come to market in Pacific Heights," said Mari Yamato, Vice President of Acquisitions at Ballast. "These properties offered a combination of institutional quality, neighborhood prestige, and genuine historical character that we knew we would not see again, and we moved decisively to bring them into our San Francisco portfolio." Yamato led the acquisition in-house on behalf of Ballast; Dan McGue of Coldwell Banker Commercial represented the private investor groups who sold the properties.
The historical significance of the portfolio is further reinforced by its location on Van Ness Avenue, the 125-foot boulevard originally conceived as San Francisco's central north-south spine and long associated with some of the city's most prominent residential addresses. Identified as "Significant Buildings" in San Francisco's General Plan, the three properties are recognized as "an exceptional grouping” of apartment buildings distinguished by their shared scale, massing, materials, and architectural detailing.
San Francisco’s multifamily market continues to gain momentum on the back of renewed population growth, high household incomes and demand reinforced by the city’s technology and AI ecosystem. The metro posted 3.4% real GDP growth over the past year, ranking third nationally, while the city’s renter base remains highly educated and skewed toward working-age professionals. Apartment vacancy fell to 4.3%, according to CoStar data, while asking rents climbed 6.5% year over year as absorption continued to outpace limited new supply. Within the Marina/Pacific Heights/Presidio submarket, vacancy stood at just 3.2%, and a lack of deliveries over the prior 12 months further underscored the neighborhood’s constrained supply profile.
Ballast continues to focus on well-located, well-built assets in enduring neighborhoods where long-term ownership and operational depth can compound value over time.
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