(This article originally appeared on July 5, 2015)
By CBS SF
SAN FRANCISCO (CBS SF) — The proposed sale of San Francisco’s tallest apartment building, One Rincon Hill, will set a record as the the highest price ever paid for a Bay Area apartment building.
The buyers, Rockpoint Group and Maximus Real Estate Partners will pay roughly “$400 million or $1.3 million for each of the 298 units,” according to the San Francisco Business Times.
At the close of escrow, it will be “the highest (per-unit price) for an apartment building in the Bay Area since at least 2007, according to data tracked by the research firm Real Capital Analytics.”
Most of the units in Tower Two at One Rincon Hill have sat vacant since the residential tower opened last year, but that hasn’t seemed to hamper the deal. Even the top-floor units, with panoramic views of the city, are still empty.
Rents for the 49-story tower’s apartments average about $6027. Amenities include a gym, heated pool, and valet parking.
The current owners are Urban Pacific Investors and Principal Real Estate Investors.