SAN FRANCISCO, CA
– February 19, 2017 – Just 90 days after listing the properties, Colliers International has negotiated the sale of two of San Francisco’s most valuable and iconoclastic luxury apartment buildings in Pacific Heights for a record $62 million. The buildings and the prices they commanded were 2201 Pacific Avenue for $31.8 million and 1755 Van Ness for $29,850,000.
Colliers International Executive Vice Presidents James Devincenti
and Brad Lagomarsino
sold the two trophy apartment buildings on behalf of Union Bank’s Trust Department, which represents the buildings’ ownership entity.
“Our hard work on this offering included going far beyond any traditional listing proposals because of the unique, and I use that word advisedly, nature of these buildings,” said Devincenti. “We researched everything about them and we became captivated by their histories – from the architects who designed them, the absolute sterling condition in which they’ve been maintained for more than half a century, the periods in which they were built between two world wars and even before the Golden Gate Bridge was completed.”
The two buildings are city landmarks featuring notable architecture that harkens back to the 1930s and have been impeccably maintained, upgraded, renovated and seamlessly modernized. Built in 1930, the first building at 2201 Pacific Avenue was designed by fabled San Francisco architect Edward E. Young, who also conceived such buildings as The Park Lane at 1100 Sacramento Street and 2790 Green Street, now the Russian Consulate.
“Our team zealously pursued the listings and then the sales of these once-in-a-lifetime investment opportunities and we likely will never see such an opportunity again,” added Lagomarsino.
The Pacific Avenue property is comprised of 38 units, most of which are considered grand by today’s standards, on seven floors. They include 12 two-bedroom, two-bath units with a total of five spacious rooms in each; 1 two-bedroom one-bath unit, which also has five rooms, 25 one-bedroom, one-bath apartments with four rooms each.
The building’s spacious Spanish Colonial-themed lobby, featuring a vaulted wood ceiling with gold and copper leaf design, is reached through an intricately detailed glass-and-steel front door. A winding stairway flanked by dark-stained wood railings, as well as one cable-driven elevator, provide access to the floors above.
The second structure, located at 1755 Van Ness Avenue and built in 1928, features steel-frame and brick-infill construction on a concrete foundation with seven residential floors, as well as two ground-floor retail units. Its architect, Albert H. Larsen, is responsible for designing other notable San Francisco apartment buildings such as 1150 Union Street and The Hamilton at 631 O’Farrell Street. It has a total of 50 units, including 24 one-bedroom, one-bath units with four rooms each; and another 24 studio units with three rooms each. On Van Ness Avenue, there are two street-level retail units totaling 2,500 and 3,250 square feet, respectively.
“As a team, Devincenti and Lagomarsino handled more than 50 transactions in 2016, representing half a billion dollars in multi-family assets in San Francisco and there is simply no competing team that can make such a claim,” said Colliers Executive Managing Director Alan Collenette
, who oversees the brokerage firm’s operations in San Francisco, Marin and Sacramento. “Their combined knowledge and expertise has made them the leading sales force in one of the country’s most prestigious real estate markets.”