After closing on its $1.86B investment fund, Boston-based Berkshire Residential Investments acquired a four-property multifamily portfolio in San Francisco for $134.5M earlier this month.

The portfolio includes 299 units spanning SoMa, Clementina Street in the East Cut and Potrero Hill, the San Francisco Business Times reported.

Berkshire Residential Investments in January announced it had closed Berkshire Multifamily Credit Fund IV, its largest fund in the series focused on multifamily securities in the U.S.

Its San Francisco acquisitions are condominium properties that were constructed in the early 2000s but have been in service as rentals, the SFBT reported.

Berkshire will manage the properties and has bundled them into rental packages dubbed The Grid Collection with floor plans ranging from one to five bedrooms. Berkshire touts its SoMa properties’ proximity to the offices of Stripe, Salesforce and Pinterest, while its Potrero Hill community is near a freeway route to OpenAI, Uber and Nvidia offices.

The assets were acquired from multiple LLCs that had ties to San Francisco-based Property Resource Corp., the Business Times reported.

The acquisition follows steady rental price appreciation in San Francisco. Average monthly rents in April across San Francisco were $3,795, a 16.3% year-over-year increase, according to real estate marketplace Trulia.

San Francisco and San Jose led the nation in multifamily rent growth at the end of 2025, according to CBRE. Rental appreciation is sparking renewed investor appetite for multifamily properties in the Bay Area, with multifamily sales volume eclipsing $8B in 2025, the highest dollar volume since 2019.

Berkshire Residential Investments owns and manages more than 460,000 residential units and had roughly $33.5B in assets under management at the end of September 2025. In addition to its newest San Francisco properties, Berkshire owns the 293-unit Aire and 637-unit The Enclave in San Jose, the 192-unit Bridgeport Ranch in Fairfield, and 141 units at Lyric in Walnut Creek.