San Francisco Apartment Complex Sells for $115M
- Apr 28, 2008
UDR Inc. has purchased Edgewater Luxury Apartments, a 193-unit multi-family community in San Francisco, for $115 million from Urban Housing Group. Built in 2007, Edgewater features a mix of one- and two-bedroom units along with a limited number of loft units. The sale represents $595,855 per unit. Located at 355 Berry St., between Fifth and Sixth streets, the 157,200-square foot, six-story apartment building is within walking distance of AT&T Park, the San Francisco Caltrain station and light rail stations. The Mission Bay neighborhood of San Francisco—where Edgewater is located–was recently named the country’s leading apartment market in Marcus & Millichap Real Estate Investment Services’ 2008 National Apartment Report, according to one of the brokers handling the deal. San Francisco’s very high desirability among renters and active hiring in its largest employment sector, professional and business services, will continue to support apartment demand, according to Marcus & Millichap’s 2008 Apartment Forecast for San Francisco. Marcus & Millichap arranged the sale. Stanford Jones, an executive vice president of investments and senior director of Marcus & Millichap’s National Multi Housing Group in Palo Alto; and Sal Saglimbeni and Phil Saglimbeni, both NMHG directors in the firm’s Palo Alto office, represented the seller, Urban Housing Group, and the buyer, UDR Inc. The Jones and Saglimbeni team completed more than $1.2 billion in sales in 2007, and has closed or has under contract more than $400 million in transactions for the first four months of 2008. Urban Housing Group, a subsidiary of The Marcus & Millichap Co., develops, owns and manages multi-family apartment communities throughout the west coast with offices in El Segundo and San Mateo. Based in Highlands Ranch, Colo., UDR Inc., an S&P 400 company, is a multi-family real estate investment trust that owns some 40,000 apartment homes across the nation.