SAN FRANCISCO-Locally based Trinity Properties has acquired a 74-unit apartment complex at 1890 Clay St. from lender UBS for $25.5 million. Managing director Stephen Pugh of Alain Pinel Investment Group, which represented UBS in the transaction, tells GlobeSt.com that the sale closed at a cap rate of just below 5% and above the asking price of $24 million.

Buyer Trinity Properties, which is operated by the Sangiacomo family and is one of the largest owners of apartments in San Francisco, was one of nine prospective buyers who bid on the complex. Pugh says the bidders ran the gamut from local individuals and firms to institutional buyers.

The reason that the property generated so much interest, Pugh says, is that it is a one-of-a-kind trophy in a one-if-a-kind location in Pacific Heights, one of the top neighborhoods in San Francisco. In addition, the property has been scrupulously maintained and all systems have been upgraded, he said.

The 1890 Clay St. complex is one of two apartment buildings in San Francisco totaling 122 units that Pugh and Alain Pinel senior director Mark Bonn marketed on behalf of UBS, with the properties offered either as a portfolio or individually. The other is a 48-unit complex is at 512 Van Ness Ave.

At the 1890 Clay St. complex, also known as Clay Park Tower, 49 of the 74 units have been completely renovated with what Pugh and Bonn describe as top-of-the line finishes and appliances. Built in 1962, Clay Park Tower sits atop the hills in Pacific Heights near Lafayette Park and amenities including boutiques, cafes and restaurants as well as access to Downtown, the Financial District and public transportation.