SAN FRANCISCO—In the first big apartment building sale of the year, LaSalle Investment Management has dropped $103 million for Avalon Yerba Buena, the 160-unit complex anchored by a 32,000 square foot Whole Foods. AvalonBay built the project in 2000, says the San Francisco Business Times.
Brett Betzler, a director, and Mary Ann King, president, of Moran & Company brokered the sale of the South of Market property.
“SoMa may be the hottest square mile of real estate in the country,” said Betzler, pointing to the neighborhood's 700 start-ups and famous tenants like Dropbox and Yelp.
The $645,000 per unit price was consistent with other luxury, but much smaller, apartment sales over the last six months. In September of 2012, Virtu Investments paid $16.6 million, $667,000 a unit, for Station House, a 25-unit property on Mint Plaza.
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David Phillips
David Phillips is a Chicago-based freelance writer and consultant with more than 20 years experience in business and community news. He also has extensive reporting experience in the food manufacturing industry for national trade publications.
