AvalonBay Nears Sale of Sunset Towers in San Francisco
A venture led by Alexander Shalavi with Bridge Capital Partners Inc. has AvalonBay Communities’ Sunset Towers under contract, the San Francisco Business Times reported. Overlooking Golden Gate Park in San Francisco, the 243-unit property was listed earlier this summer, drawing bids above $100 million.
The pending sale, expected to close in January, reflects a broader rebound in San Francisco’s apartment market as investors respond to tightening rental demand, reported the Business Times. Multifamily investment volume is up more than 35% year over year, according to data from Avison Young. Absorption has climbed back to levels last seen in 2022.
Although investors are looking beyond apartments in San Francisco, multifamily remains a steady draw, according to the Business Times. Sunset Towers reflects that momentum. With few new market-rate projects advancing in the city, investors are focusing on existing, well-located properties in supply-constrained neighborhoods. Moreover, apartments overlooking Golden Gate Park are scarce.
Other News
Queens’ Tallest Tower Reaches 90% Leased, Adds First Retail Tenants
BLDG Management Co., Inc announced that The Orchard, Queens’ tallest tower, has surpassed 90% leased across its 824 residences nine months after launching residential leasing. The milestone occurs as the 70-story Long Island City development recently signed its first three retail tenants: K-beauty brand Tokimo, Japanese tea and beverage brand Mollytea and financial technology platform...
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80-Unit Seniors Housing Development Opens in Suburban Chicago
Leyden Senior Apartments, a new four-story independent senior living development in Franklin Park, recently opened. Located at 2506 N. Mannheim Road, Leyden Senior Apartments offers one- and two-bedroom residences. The adjacent newly constructed Carl Fiorito Senior Center will be available to the entire community. Owned by Leyden Apartments LP, Leyden Senior Apartments was designed by...
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312-Unit Multifamily in Indiana Changes Hands
Northmarq’s Investment Sales team, led by Bobby Schiavone, Jordan Arand and Adam Klenk, led the sale of The Bend Apartments, a 312-unit garden apartment community located at 1909 Greentree Blvd. in Clarksville, Indiana. Northmarq represented the seller, a regional multifamily developer. The buyer was a private investor. “The Bend generated significant investor demand, further proving...
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Brokers
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Remax Real Estate Professionals
Re/Max Real Estate Professionals
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Jared Ennis
Central CA Commercial | California
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Rick Recckio
Recckio Real Estate & Development
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Greg Corbin
Northgate Real Estate Group
Lenders
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Essex Property Trust, Inc.
California
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Josh A
California
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Bob Tuteur
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Andrew Schildcrout