|
|
2/24/17
|
Two luxury apartment buildings with a combined 88 units in San Francisco’s upscale Pacific Heights neighborhood sold for $62 mil, or an average of just over $700k per unit, to separate buyers. In these deals, a 38-unit building at 2201 Pacific Ave sold for $31.8 mil, while a 50-unit property at 1755 Van Ness fetched $29.85 mil.
The assets were sold by Union Bank’s Trust Department, which represents the buildings’ ownership entity, the Sandy Foundation. The two buildings are city landmarks featuring notable architecture that harkens back to the 1930s and have been impeccably maintained, upgraded, renovated and seamlessly modernized.
Built in 1930, the building at 2201 Pacific Ave was designed by fabled San Francisco architect Edward E. Young, who also conceived such buildings as The Park Lane at 1100 Sacramento St and 2790 Green St, now the Russian Consulate. It was purchased by Gruber Family Partners.
The Pacific Ave property is seven stories tall with a total of 38 units, most of which are considered grand by today’s standards. The unit mix consists of 12 two-bedroom/two-bath units with a total of five spacious rooms in each; one two-bedroom/one-bath unit, which also has five rooms; and 25 one-bedroom/one-bath apartments with four rooms each.
The building’s spacious Spanish Colonial-themed lobby, featuring a vaulted wood ceiling with gold and copper leaf design, is reached through an intricately detailed glass-and-steel front door. A winding stairway flanked by dark-stained wood railings, as well as one cable-driven elevator, provide access to the floors above.
The other property, located at 1755 Van Ness Ave and built in 1928, was acquired by Flynn Trust. It features steel-frame and brick-infill construction on a concrete foundation with seven floors of residential units, as well as two ground-floor retail units. Its architect, Albert H. Larsen, is responsible for designing other notable San Francisco apartment buildings such as 1150 Union Street and The Hamilton at 631 O’Farrell Street.
The building is comprised of 24 one-bedroom/one-bath units with four rooms each; and 24 studio units with three rooms each. In addition, the property contains two street-level retail units totaling 2.5k sf and 3.3k sf, respectively.
Colliers International Executive Vice Presidents James Devincenti and Brad Lagomarsino represented the seller in these transactions. The duo tells us that in working on these unique listings they became captivated by the properties’ histories - from the architects who designed them, to the absolute sterling condition in which they’ve been maintained for more than half a century, to the periods in which they were built, between two world wars and even before the Golden Gate Bridge was completed.
|
|
 Return to the Archive page
|
|
|
|
|
Printer-friendly Version
Email an Associate
