San Fran M-F Hits Market
- Jul 16, 2008
Marcus & Millichap has announced the listing of a 74-unit multi-family complex in San Francisco. The Clay Park Towers, located at 1890 Clay St., is currently listed at $39.95 million, a price of about $540,000 per unit. The 10-story building is located on approximately one-fifth of an acre in the city. Around half of the units in complex are one bedrooms, and 40 of the 74 units are fully furnished. The building operates as a short-term corporate rental property, with minimum stays of 30 days. The seller, Lembi Group, retained the services of Marcus & Millichap to handle the sale of the property. Marcus & Millichap senior vice president of investments & director of the firm’s national multi housing group, James Devincenti, noted in a release, “This is a well-maintained, pride-of ownership building that will offer the investor upside appreciation potential in one of the most sought-after locations in San Francisco.” The building is located in the San Francisco neighborhood Pacific Heights. Marcus & Millichap is also positioning the property as one whose value has yet to be maximized. “The investor can add value through turnover and renovation of units,” Devincenti, added. Marcus & Millichap closed over $20 billion in deals in 2007. Last month, CPN reported that the firm would be the listing agent for a 250,000-square-foot power center outside of Syracuse, N.Y.