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Colliers Brokers Close Eight Multifamily Deals in San Francisco For $48.6 Million

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SAN FRANCISCO (July 8, 2020) – Amid the complexities of coronavirus crisis, Colliers International’s San Francisco multifamily brokers closed an impressive eight deals totaling over $48 million in the second quarter. Five of the transactions closed the week of June 9, alone. Led by Executive Vice Presidents James Devincenti and Brad Lagomarsino and Senior Vice President Dustin Dolby, the properties are situated in highly desireable neighborhoods of Russan Hill, Alamo Square, Nob Hill, Lone Mountain, Cow Hollow and Noe Valley.

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"Well-located, high quality, multi-family assets continue to trade at aggressive pricing despite the crisis," said Lagomarsino. "The turmoil has had a dampening effect on the market, as even contingent-free deals were subject to modest renegotiations of 1.8-5 percent during the shelter in place. Vacancy rates have increased from three to six percent in the second quarter of the year resulting in a noticeable softening of rental rates that will put further pressure on pricing. As the debt markets become more attractive, investors will return in hopes of capitalizing on these changes in the market."

Details on each of the eight sales can be found below.

  • 1900-1906 Hyde Street in Russian Hill sold for $3,550,000 and is comprised of seven units including six one-bedrooms, one commercial unit and two parking spaces.
  • 1509 Golden Gate Avenue in Alamo Square sold for $6,320,000 and is comprised of 15 units including 12 two-bedrooms, three one-bedrooms and 15 parking spaces.
  • 1244-50 California Street in Nob Hill sold for $8,025,000 and is comprised of 12 large three to four bedroom units.
  • 828 Anza Street in Lone Mountain sold for $5,900,000 and is comprised of 12 one-bedroom apartments and 12 parking spaces.
  • 1690 Greenwich Street in Cow Hollow sold for $7,400,000 and is comprised of 15 units including 12 one-bedroom units, three studio units, and 13 parking spaces.
  • 510 Stockton Street in Lower Nob Hill sold for $7,300,000 and is comprised of 17 units including eight one-bedrooms, eight two-bedrooms, 1 commercial unit and 6 parking spaces
  • 99 Jersey Street in Noe Valley sold for $6,965,000 and is comprised of 15 studio units and seven parking spaces.
  • 48-50 Pond Street sold for $3,133,888 and is comprised of three flat-like apartments and two parking spaces.

About Colliers International
Colliers International (NASDAQ, TSX: CIGI) is a leading real estate professional services and investment management company. With operations in 68 countries, our more than 15,000 enterprising professionals work collaboratively to provide expert advice to maximize the value of property for real estate occupiers, owners and investors. For more than 25 years, our experienced leadership, owning approximately 40% of our equity, has delivered compound annual investment returns of almost 20% for shareholders. In 2019, corporate revenues were more than $3.0 billion ($3.5 billion including affiliates), with $33 billion of assets under management in our investment management segment. Learn more about how we accelerate success at corporate.colliers.com, Twitter @Colliers or LinkedIn.

 

Media Contact:
Mike Jurs
Allison + Partners Northern California
ColliersNorCal@allisonpr.com


 


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James Devincenti

Executive Vice President

San Francisco

James Devincenti and his business partner Brad Lagomarsino lead a team of highly qualified professionals specializing in multi-family, mixed use and commercial investment sales and portfolio dispositions in San Francisco (and the Greater Bay Area). James and his business partner have sold over 650 apartment or commercial buildings, totaling over 13,650 units and valued at nearly $3.7 Billion Dollars.

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San Francisco

Brad Lagomarsino and his business partner, James Devincenti, lead a team of highly qualified professionals specializing in multi-family, mixed use and commercial investment sales and portfolio dispositions in San Francisco (and the Greater Bay Area).

 

Brad’s career in commercial real estate started in 1992 in Northern California where he worked for CB Richard Ellis for 10 years prior to joining Marcus & Millichap in San Francisco, where he worked for another decade.

 

Brad is a graduate of the University of Southern California with a degree in Urban Regional Planning. He and his wife, Leslie, have two children: Ella, 15 and Robert (“Bo”), 8. In his spare time, Brad enjoys playing golf and skiing.

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Dustin Dolby

Executive Vice President

San Francisco

Dustin specializes in multifamily, mixed use  and commercial investment sales and portfolio dispositions in San Francisco (and the Greater Bay Area).

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