Sack Properties, Canyon Catalyst Buy Two SF Multifamily Properties
By Dees Stribling, Contributing Editor
San Francisco—Sack Properties and the Canyon Catalyst Fund have made two investments in the San Francisco area, acquiring a 116-unit garden-style apartment property in Sunnyvale (Skyline Vista Apartments) and a 44-unit multifamily property in Pacifica (720 North). Both will undergo a series of improvements over the next year, according to the buyers.
Skyline Vista Apartments is a fully occupied community near the South San Francisco BART Station. The two-bedroom, two-bath units all feature split-level layouts, with many overlooking the San Francisco Bay, and ground-floor apartments include private yards. The Skyline Vista Apartments will undergo significant improvements in the months ahead, including updated landscaping and amenities, construction of a new leasing office, and a remodeled barbeque and picnic area.
Located in Silicon Valley, 720 North is on four acres just east of US 101 in Silicon Valley, and near the Caltrain commuter rail. The Class B apartment property includes 17 separate buildings with a mix of studio, one-bedroom and two-bedroom apartments. Its improvement program will focus on addressing deferred maintenance and upgrading common areas by installing new landscaping, improving the community’s three pools, creating a new dog park and purchasing new fitness equipment. Individual units will also be renovated as they turn over.
The San Francisco-area acquisitions are some of the first for the Canyon Catalyst Fund, a new joint venture between Canyon Capital Realty Advisors and the California Public Employees’ Retirement System (CalPERS). Besides serving as an investment vehicle, the $200 million fund—which will facilitate $400 million of investment—is designed to cultivate the next generation of CalPERS portfolio talent.
Sack Properties is a buyer and seller of multifamily properties. Its current portfolio includes 1290 apartments and condos units in the San Francisco Bay Area. The company recently raised its first fund with a focus is on acquiring apartments in supply-constrained coastal California submarkets and adding value through improvements.
Ryan Wagner of Colliers International was the listing broker for Skyline Vista Apartments transaction. Seth Siegel, Rawley Nielsen, Jason Parr, Simon Hermann and Todd Vitzthum of Cushman & Wakefield represented the sellers of 720 North.