Local Brokers Make Bay Area Sale

PHOENIX-The local office of CB Richard Ellis has helped to broker the $32.3-million sale of a San Francisco-area apartment complex.

CB’s Phoenix and San Francisco offices represented SSR Apartment Value Fund LP, the seller of the 256-unit Skyline Heights apartment complex at 960 St. Francis Blvd. in Daly City, CA. The buyer is Palo Alto, CA-based Pacific Property Co., which represented itself in the purchase.

The apartment community stands on 7.6 acres and is fully leased, reflecting the Bay Area’s tight rental market caused by its booming local economy and its dearth of new multifamily construction, CB Richard Ellis says.