SAN FRANCISCO-AREA Property Partners has acquired a portfolio of multifamily properties formerly inherited by the Lembi family in San Francisco for $59.6 million. The company has purchased 422 units scattered in 20 buildings in the downtown, Tenderloin neighborhoods, Russian Hill, Potrero Hill and Pacific Heights.
The seller was not identified, but sources familiar with the deal revealed that it was LNR, which had seized the properties from Lembi family. The seller was represented by Marcus & Millichap's James Devincenti and Brad Lagomarsino. For the full story, go to San Francisco Business Times .
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