An apartment building in Nob Hill just sold for the first time since its construction three quarters of a century ago.
The Crest Royal Apartments building in Nob Hill traded hands in a $24.6 million transaction, the San Francisco Business Times reported. The 12-story, 56-unit building sold for $439,000 per unit to 1310 Jones LLC, an entity with its address listed as a law firm in the Transamerica Pyramid.
The building hit the market last year as part of a three-building portfolio developed by Theo G. Meyer and Sons, marking the first time since they were built in the 1950s that they were for sale. The 88,700-square-foot building was constructed in 1955 and was owned by the Meyer family at the time of the sale.
The other two buildings, at 1330 Jones Street and 1000 Green Street, sold earlier this year. The one at 1330 Jones, standing six stories with 36 units, sold in February for $14.5 million; the 1000 Green property, a 13-story, 62-unit apartment building in Russian Hill, traded in May for $31 million.
Theo G. Meyer and Sons, a now-defunct family business, was also behind the development of the Civic Center Garage in San Francisco and the College of San Mateo.
The multifamily market in San Francisco could be thawing as workers return to office and the booming artificial intelligence sector brings new residents to town. Rents for Class A apartments in San Francisco are up 8.8 percent year-over-year, according to CBRE. Class B and C properties have seen rent growth of about 5.5 percent.
Last week, a residential development from AvalonBay Communities was in the process of trading hands. The 243-unit Sunset Towers at 6-8 Locksley Avenue is in contract after receiving bids of more than $100 million, or $411,00 per unit.
— Chris Malone Méndez
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