Friedkin Property Group And Bridge Capital Partners Acquire Sunset Towers Apartments For $105M In San Francisco

The transaction involved the sale of the Sunset Towers apartments, a multifamily property located at 6-8 Locksley Avenue in San Francisco's Inner Sunset market. The property comprises 243 units and was sold for $105,000,000, equating to approximately $432,099 per square foot. The asset was originally built in 1961 and is situated near Golden Gate Park. Despite its vintage, it commanded a premium price, reflecting the strategic choice by the seller of buyer partnerships over competitive higher bids.

Summary of transaction details:

• Property Type: Multifamily
• Transaction Amount: $105,000,000
• Square Footage: 243
• Price Per Square Foot: $432,099
• Address: 6-8 Locksley Avenue
• Market: San Francisco
• Buyer: David Friedkin - Friedkin Property Group; Bridge Capital Partners
• Seller: Benjamin Schall - AvalonBay Communities

David Friedkin from Friedkin Property Group and Bridge Capital Partners played a significant role as the buyer in the transaction. The seller, Benjamin Schall, represented AvalonBay Communities in the deal. The decision to proceed with this buyer was influenced by their association over other higher competing bids for the property.