(Read more on the multifamily market.)
SAN FRANCISCO-Beacon Capital Partners has sold for $143 millionthe 320-unit apartment component of the three-building RinconCenter commercial complex it acquired last June for $275 million.The units, which are more than one-third empty, are located onfloors seven through 23 of 88 Beale St. Beacon continues to ownfloors one through six, which house 470,000 sf of office space and60,000 sf of retail.
The new owner, Capital Properties of New York City, is planningextensive upgrades, including added tenant amenities and services.The property marks its first acquisition in California. More WestCoast acquisitions are in the works, according to the privatelyheld investment, development and management company's founder andpresident, Richard Cohen.
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