Tribeca Sheds Nine Apartment Buildings

aece5 printer icon Tribeca Sheds Nine Apartment BuildingsPrint
aece5 email icon Tribeca Sheds Nine Apartment BuildingsEmail
aece5 shareicon Tribeca Sheds Nine Apartment Buildings Shareaece5 reprints icon Tribeca Sheds Nine Apartment BuildingsReprints
aece5 newstipicon Tribeca Sheds Nine Apartment Buildings News Tip?
aece5 getalerticon Tribeca Sheds Nine Apartment Buildings Get Alerts

Disable this ad aece5 ofiesample caam Tribeca Sheds Nine Apartment Buildings

Join the thousands of real estate professionals that subscribe to the California AM Alert. Each and every morning, we deliver the important stories, data, analysis?as well as the opinions and insights of industry thought leaders to provide you with market intelligence and a daily business advantage.

aece5 reg ofie submit Tribeca Sheds Nine Apartment Buildings

Become a registered member today and don?t miss another important story in the California market. Let GlobeSt.com be your source for everything real estate.

At GlobeSt.com, we are passionate about bringing you the best possible user experience. We listened to your feedback and now offer the ability to access information on GlobeSt.com without interruptions! Supercharge your viewing experience by disabling these ads.

Sign Up Today

aece5 sf 1845franklin Tribeca Sheds Nine Apartment Buildings

1845 Franklin St.

(Mark Your Calendars: RealShare Apartments 2011, October 20 in Los Angeles).

SAN FRANCISCO-San Francisco-based private equity real estate investment firm, Tribeca Cos., has sold nine properties comprising 155 apartment units and one retail space in San Francisco and Burlingame. The properties are part of a 12-property portfolio that Tribeca acquired opportunistically through a loan purchase from lender UBS on Dec. 30, 2009 and immediately acquired the fee title through foreclosure of the properties previously owned by the Lembi Group.

The properties are located in areas including Pacific Heights, Cow Hollow, and lower Nob Hill in San Francisco, as well as one in downtown Burlingame just south of San Francisco. The addresses are: 1671 Lombard St., 2642 Gough St., 2648 Gough St., 2654 Gough St., 1845 Franklin St., 2011 Sacramento St., 2380 California St., 621 Taylor St., and 255 El Camino Real in Burlingame.

The properties were sold to a series of single-purpose entities of the Prado Group of San Francisco, a private real estate investment management and development firm. The purchase price was not disclosed, however Tribeca, through an owned affiliate partnership entity Sky Pacific Holdings II LLC, acquired the 12-building Lembi portfolio loans in December 2009 for approximately $31 million, and after acquiring the title, subsequently sold three assets in 2010. 

The transaction was financed by Tribeca Holdings and California Property Funding, a San Francisco-based financial services and investment firm.

The aggregate sale price of those first three properties plus the nine properties now closing came to a total in excess of $40 million. Tribeca realized an aggregate return in excess of 35% from its undisclosed original equity investment, according to a prepared statement. “The sale of the remaining properties reflects the healthy return of the San Francisco and Bay Area rental property market from the depths of the recession of the past two years,” says the statement. “Prado’s acquisition comes at a time when San Francisco occupancies have tightened considerably and rental demand is strong, with little to no new competing product opening in the near term.”

According to William Faidi, CEO of Tribeca, “Following the original acquisition in a complex foreclosure process, Tribeca began our value-enhancement program of carefully managing and maximizing values, to prepare the properties for eventual sale. The sale to Prado Group enabled us to quickly achieve our investment objective well ahead of our initial projected time-horizon. Tribeca is continuing on its path of investment in opportunistic real estate, focusing on retail and apartment properties in US markets”.

The acquisition marks the second Lembi Group apartment portfolio acquisition by the Prado Group in the last nine months. In September 2010, Prado Group acquired four buildings totaling 250 units that had been taken back by lender UBS. “The Tribeca acquisition is exactly the type of high quality apartment assets we are focused on acquiring in the infill neighborhoods of San Francisco and the Bay Area,” says Craig Greenwood, a principal at Prado Group. “The recovery has commenced and San Francisco is poised to outperform the nation based on its strong economic base, creative class and little to no new supply.” Prado Group was represented by Toby Costello and Michael Thomas of Wheelhouse Brokerage.

Categories:

West,
Multifamily,
Acquisitions/Dispositions,
San Francisco

aece5 la nataliedolce Tribeca Sheds Nine Apartment BuildingsNatalie Dolce Natalie Dolce, editor of the West Coast region for GlobeSt.com and Real Estate Forum, is responsible for coverage of news and information pertaining to that vital real estate region. Prior to moving out to the Southern California office, Natalie was Northeast bureau chief, covering New York City for GlobeSt.com. Dolce?s background includes a stint at InStyle Magazine, and as managing editor with New York Press, an alternative weekly New York City paper. In her career, she has also covered a variety of beats Arthur Frommer?s Budget Travel magazine, FashionLedge.com, Co-Ed magazine, and has also freelanced for a number of publications including MSNBC.com and Museums New York magazine. Contact Natalie Dolce.

Article source: http://www.globest.com/news/1939_1939/sanfrancisco/311318-1.html

This entry was posted in SF Bay Area News and tagged , , , , , , , , , , , , , , , , , , , , . Bookmark the permalink.

Comments are closed.