JRK Property Holdings has picked up an 88-unit apartment complex in San Francisco’s Rincon Hill for $44.25 million.
The Los Angeles-based investor bought the eight-story apartment complex at 333 Fremont Street, the San Francisco Business Times reported. The seller was an affiliate of ASB Real Estate Investments, based in Maryland, and San Francisco-based City-Core.
JRK acquired the property through its $1 billion Platform 5 fund, which targets “higher-quality, well-located” multifamily properties built after 1990. The deal works out to $502,840 per unit.
Brokers Philip Saglimbeni, Salvatore Saglimbeni, Stanford Jones and Alexander Tartaglia of Institutional Property Advisors represented ASB and City-Core in the sale. Institutional Property Advisors is part of Marcus & Millichap, based in Calabasas.
The apartments were built in 2014 by developer City-Core in a joint venture with ASB. Rents range from $3,295 for a one-bedroom apartment to $5,045 for a two-bedroom unit, according to Trulia.
JRK Property Holdings, founded in 1991 by Jim Lippman, has $8 billion in assets under management, mostly apartments and hotels. The Fremont Street purchase brings its Northern California portfolio to about 2,550 units.
JRK executives say the firm intends to be an “aggressive” buyer over the next 12 to 18 months.
“We like San Francisco and Northern California and intend to continue being active buyers in the market,” JRK President Daniel Lippman said in a statement to the Business Times.
The firm’s billion-dollar buying spree netted a 288-unit apartment complex outside Chicago last month for $69.3 million, or $240,600 per unit. A month earlier, the firm listed an 838-unit complex in the Windy City for an undisclosed sum.
ASB Real Estate Investments has sold three properties in San Francisco in less than two months in and around Downtown.
This summer, the firm sold a 117,200-square-foot office building 989 Market Street. and a 187,000-square-foot office building at 795 Folsom Street, in separate deals to out-of-town investors looking to capitalize on San Francisco’s office reset, according to the Business Times. ASB sold both properties for less than half of what it paid for them in the 2010s.
— Dana Bartholomew
READ MORE LINKS:
ORIGINAL
HED: JRK Property picks up 88-unit apartment complex in SF for $44M
DEK: Price for eight-story building in Rincon Hill works out to $503K per unit
FEATURED HED:
SEO HED: JRK Property picks up 88-unit apartment complex in SF for $44M
SEO DESCRIPTION: Price for eight-story building in Rincon Hill works out to $503K per unit
AUTHOR:
RESEARCH:
Social: JRK Property picks up 88-unit apartment complex in SF for $44M
ART: Daniel Lippman, president, JRK Property Holdings (scroll down) here. 333 Fremont Street, San Francisco here, credit Google Maps. And here, credit 333 Fremont. And here, credit Rentcafe.
STORY TYPE:
SECTOR: Residential
TAGS:
Neighborhood: San Francisco, Rincon Hill
Property: 333 Fremont Street
Property Type: Apartments
Companies: JRK Property Holdings, ASB Real Estate Investments
People:
Region:
JRK Property Holdings has picked up an 88-unit apartment complex in San Francisco’s Rincon Hill for $44.25 million.
The Los Angeles-based investor bought the eight-story apartment complex at 333 Fremont Street, the San Francisco Business Times reported. The seller was an affiliate of ASB Real Estate Investments, based in Maryland, and San Francisco-based City-Core.
JRK acquired the property through its $1 billion Platform 5 fund, which targets “higher-quality, well located” multifamily properties built after 1990. The deal works out to $502,841 per unit.
Brokers Philip Saglimbeni, Salvatore Saglimbeni, Stanford Jones and Alexander Tartaglia of Institutional Property Advisors represented ASB and City-Core in the sale.
The apartments were built in 2014 by developer City-Core in a joint venture with ASB. Rents range from $3,295 for a one-bedroom apartment to $5,045 for a two-bedroom unit, according to Trulia.
JRK Property Holdings, founded in 1991 by Jim Lippman, has $8 billion in assets under management, mostly apartments and hotels. The Fremont Street purchase brings its Northern California portfolio to about 2,550 units.
JRK executives say the firm intends to be an “aggressive” buyer over the next 12 to 18 months.
“We like San Francisco and Northern California and intend to continue being active buyers in the market,” JRK President Daniel Lippman said in a statement to the Business Times.
The firm’s billion-dollar buying spree netted a 288-unit apartment complex outside Chicago last month for $69.3 million, or $240,600 per unit. A month earlier, the firm listed an 838-unit complex in the Windy City for an undisclosed sum.
ASB Real Estate Investments has sold three properties in San Francisco in less than two months in and around Downtown.
This summer, the firm sold a 117,200-square-foot office building 989 Market Street. and a 187,000-square-foot office building at 795 Folsom Street, in separate deals to out-of-town investors looking to capitalize on San Francisco’s office reset, according to the Business Times. ASB sold both properties for less than half of what they paid for them in the 2010s.
— Dana Bartholomew
Read more
Residential
San Francisco
New player in SF apartment market buys $9.7M Hayes Valley charmer
Politics
San Francisco
San Francisco chief economist sees “doom,” but not the “loop” in city’s future
Residential
Chicago
Suburban multifamily hits keep coming with JRK’s $69M Bolingbrook buy