Two Pacific Heights Properties Sell For $62M
Three months after hitting the market, two historic Pacific Heights buildings sold for about $62M. Colliers International executive vice presidents James Devincenti and Brad Lagomarsino negotiated the sale on behalf of Union Bank’s Trust Department, which represents the building's ownership entity, the Sandy Foundation. Gruber Family Partners bought 2201 Pacific Ave. (above left) for $31.8M. Flynn Trust purchased 1755 Van Ness (above right) for $29.85M.
The two city landmarks feature 1930s architecture that has been well maintained, upgraded, renovated and modernized. The Pacific Avenue building was designed by San Francisco architect Edward E. Young, who also designed The Park Lane and 2790 Green St.
The Pacific Avenue building contains 38 units spanning seven floors. The building offers a Spanish Colonial-themed lobby with vaulted wood ceilings. It also contains a winding staircase with dark-stained wood railings and a cable-driven elevator.
The seven-story Van Ness property, built in 1928, features steel-frame and brick-infill construction on a concrete foundation and was designed by Albert H. Larsen. It has a total of 50 units. The building contains two street-level retail units of 2,500 SF and 3,250 SF.
Devincenti and Lagomarsino handled over 50 transactions in 2016, representing about a half-billion dollars of multifamily assets in San Francisco, according to Colliers executive managing director Alan Collenette.
CORRECTION, FEB. 24, 4:05 P.M. PT: A previous version of this story did not have the official names of the buyers. The story has been updated.