SAN FRANCISCO—In a deal that valued the sprawling Parkmerced housing development at more than $1.35 billion, a group of New York investors, led by Mark Karasick bought the majority interest in San Francisco's Parkmerced from private-equity firms Fortress Investment Group and Rockpoint Group LLC.
Karasick was represented in the transaction by Olshan Frome Wolosky LLP Real Estate partner Warren R. Gleicher. The 152-acre rental complex on San Francisco's west side recently cleared the final legal hurdles on a plan for a multidecade expansion and upgrade which will increase the number of units to 8,900 from 3,221.
Karasick is a principal of the 601W Cos., the New York-based owner of properties including the Prudential Plaza in Chicago, a transaction in which Warren Gleicher also represented Karasick.
According to one report, “the deal marks the latest chapter in the history of the Parkmerced complex, which has been coveted by numerous investors over the decades, including Harry Helmsley and a predecessor to J.P. Morgan Chase & Co.”
Parkmerced is San Francisco's largest community with plenty of apartments for rent, offers two lifestyle options: bright and spacious high rise flats with amazing lake and ocean views or townhomes with classic character. Sprawled across more than 150 acres of tree-lined streets, lush lawns and gardens, the San Francisco apartment community offers convenient amenities such as fitness and business centers and playgrounds in a central location with easy access to the Muni M-Line and downtown San Francisco. As GlobeSt.com previously posted, Fortress acquired the apartment complex in 2010.
GlobeSt.com is told that Eastdil Secured handled the sale.
We will follow up on this story as more information becomes available.
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Natalie Dolce
Natalie Dolce, editor-in-chief of GlobeSt.com, is responsible for working with editorial staff, freelancers and senior management to help plan the overarching vision that encompasses GlobeSt.com, including short-term and long-term goals for the website, how content integrates through the company’s other product lines and the overall quality of content. Previously she served as national executive editor and editor of the West Coast region for GlobeSt.com and Real Estate Forum, and was responsible for coverage of news and information pertaining to that vital real estate region. Prior to moving out to the Southern California office, she was Northeast bureau chief, covering New York City for GlobeSt.com. Her background includes a stint at InStyle Magazine, and as managing editor with New York Press, an alternative weekly New York City paper. In her career, she has also covered a variety of beats for M magazine, Arthur Frommer's Budget Travel, FashionLedge.com, and Co-Ed magazine. Dolce has also freelanced for a number of publications, including MSNBC.com and Museums New York magazine.
