![]() The property has a combination of both market rate and affordable units. I think this is a strong number and shows how much renter demand there is for apartments in San Francisco, even though there is a great deal of units being constructed in the city,” said Saglimbeni. “As we were selling the property, the complex averaged 18 to 20 leases signed per month. The strength of the property was reflected in the leasing activity that occurred during the time the property went through the sales process. The asset was acquired through an all cash transaction, and the new owner has renamed the property to Mission Bay by Windsor. IPA did not comment on the cap rate on the sale due to a non-disclosure agreement signed with the seller. ![]() Others involved at IPA were Stan Jones and Sal Saglimbeni. There continues to be a large number of capital sources that are looking to buy brand new core apartment assets in San Francisco,” says Phil Saglimbeni, senior managing director with IPA. “This property did attract a great deal of institutional interest, as we conducted a full marketing effort on the property. The listing agent on the sale was the Palo Alto office of Institutional Property Advisors, a division of Marcus & Millichap. This company was the developer of the property, and the asset was completed earlier this year. The property was sold by Integral Development based in Atlanta. GID did not respond to phone calls seeking comment for this story. The complex is located at 360 Berry Street. Boston-based General Investment and Development has acquired the 129-unit Eviva Mission Bay apartment complex in San Francisco for $86.25 million, or $668,000 per unit, according to sources aware of the transaction.
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