Today we learned more about multifamily development from our story yesterday on a newly assembled SoMa site, 667 Folsom, 120 Hawthorne, and 126 Hawthorne. It just hit the market and may fetch $1,500-$1,800/SF, a new high-water mark. Polaris Pacific partner Chris Foley is spotting an interesting trend as he gauges interest from developers: rental and for-sale are both strong. Historically, at this spot in the cycle, apartments would wane by now and we'd see only condo developers. But because rents and employment are so strong he's seeing demand on both sides, he says.
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