Tenderloin Neighborhood Development Corp Acquires Multifamily Asset In San Francisco For $49.5M

The property involved in this transaction consists of multiple multifamily assets located at 1135-1175 Ellis Street and 1330 Jones Street in San Francisco. The total sale price for the properties was $49,500,000, encompassing a total of 144 residential units, resulting in a price per unit of $343,750.

Summary of transaction details:

• Property Type: Multifamily
• Transaction Amount: $49,500,000
• Units: 144
• Price Per Unit: $343,750
• Buyer: Tenderloin Neighborhood Development Corporation & Otrera Real Estate, LLC
• Brokers: Brad Lagomarsino & Dustin Dolby - Colliers

Notably, Tenderloin Neighborhood Development Corporation acquired the 108-unit Normandy Apartments from the longtime owner for $35 million, supported by funding from the Mayor’s Office of Housing and Community Development. Additionally, Otrera Real Estate LLC purchased a 36-unit apartment building at 1330 Jones Street for $14.5 million from the descendants of Theo G. Meyer and Sons, with both transactions facilitated by brokers from Colliers, specifically Brad Lagomarsino and Dustin Dolby, who represented the sellers.