Colliers' Payam Nejad repped Pacifica-based Adak Investors in the sale, which he says achieved the lowest cap rate for a 10-unit or larger building in the last five years, at 1.97%. The 13-unit building at 1535 Leavenworth was picked up by a Hillsborough investment partnership for $2.7M, or $322/SF (and $207,692 per unit). Capitol Investments' Ali Khostovan repped the buyers.
Payam tells us it was a great time to market the property, as S.F. has an extremely low inventory and a lot of buyers with capital. He says the average cap rate of the buildings that have sold so far this year is 3.5%, and there are only five apartment buildings with at least 10 units currently on the market in the city. The three-story property on Leavenworth, which includes a mix of one-, two- and three-bedroom units, will be part of a larger investment portfolio held by the partnership.
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