(Read more on the multifamily market.)

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SAN FRANCISCO-Capital Properties of New York City has attractedIngrid Summerfield to be its EVP of West Coast development.Previously Joie de Vivre Hospitality's SVP of new hotel operations,Summerfield's first order of business for Capital Properties willbe overseeing the repositioning of its first Californiaacquisition.

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InJune, Capital Properties paid $143 million for theresidential component of Rincon Center, a 320-unit Downtownproperty located adjacent to the Ferry Building and theEmbarcadero. Plans are currently under way to turn the propertyinto a luxury residential complex that offers both furnished andunfurnished apartments and spectacular views of the San FranciscoBay and the Bay Bridge.

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"When [Capital Properties founder and president] Richard Cohenspoke to me about his vision for Rincon, there was an instantconnection for me," Summerfield says. "Not every day do you get awater-facing iconoclastic building that lends itself to creating anew brand and a new product."

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Capital Properties' Rincon Center Towers project is expected tobe complete in spring 2008. The apartment component of RinconCenter is located on floors seven through 23 of 88 Beale St. BeaconCapital Partners owns the first six floors, which house 470,000 sfof office space and 60,000 sf of retail.

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The apartments were originally approved as condos when thebuilding was constructed in 1989. The vacancy is due to the factthat Beacon, and the company from which it acquired the property,had been considering a condo conversion. Capital Properties plansto use the vacancy expand the number of corporate apartments in thebuilding.

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