Berkshire Residential Investments plunked down $134.2 million for hundreds of apartments across San Francisco.
The Boston-based firm’s buy spans four properties totaling 299 units, the San Francisco Business Times reported, citing records from the Office of the San Francisco Assessor-Recorder.
Berkshire Residential Investments picked up a 34-unit residential building at 19 Clementina Street in the East Cut, a 177-unit complex at 168-178 Bluxome Street and 673-683 Brannan Street in Central South of Market, a 35-unit property at 599 Third Street in SoMa, and two buildings with 53 units at 1082 Pennsylvania Avenue and 1468 25th Street in Potrero Hill.
Berkshire acquired the buildings from various limited liability companies linked to San Francisco-based investor and manager Property Resource Corporation. The complexes, which Berkshire has rebranded as “The Grid Collection,” were built roughly two decades ago and are subdivided as condominium properties, though they have been dealt with as rental properties for years, according to the Business Times. Berkshire plans to continue to treat them as rental units.
Residential rents in San Francisco have been rising at some of the fastest rates in the country in recent months, per the Business Times. At the end of last year, median rent for a one-bedroom unit was $3,500, according to Zumper data cited by the Business Times. That marked a 15.1 percent increase from the same period in 2024. In September, median rents for one- and two-bedroom apartments soared past pre-pandemic levels.
The rent price increase has been tied to the artificial intelligence boom in the city that has workers in the sector fighting for places to live. Rental properties aren’t the only hot commodities, as the influx of residents with deep pockets have created a so-called mansion shortage across the city.
Berkshire Residential Investments owns, manages and oversees more than 460,000 residential units across the country. The Grid Collection appears to be its first residential foray into San Francisco, according to the Business Times.
— Chris Malone Méndez
Read more
Residential
San Francisco
San Francisco is most-expensive US city for two-bedroom rent
Residential
San Francisco
This week: SF rents hit No. 1 — but developers say they need more
Residential
San Francisco
Single-family, condo spike as AI boom meets Lurie administration to reverse “doom loop”