Ballast Buys Vintage Apartment Trio in San Francisco
The previous owner sold the portfolio for $48.5 million.
Ballast has purchased the Three Sisters, a 110-unit trophy portfolio of three vintage apartment buildings in San Francisco. The firm paid $48.5 million for the adjacent assets. Flynn Family Holdings is the previous collection owner, according to Yardi Matrix.
At closing, the properties were 97 percent occupied.
Located at 1725, 1735 and 1755 Van Ness Ave. in the Pacific Heights neighborhood, the six-story buildings were developed in 1928. They sit between Clay and Sacramento streets, within walking distance of multiple dining and transportation options. Lafayette Park is just west of the portfolio, while Alta Plaza Park is a few blocks away. Downtown San Francisco is also accessible on foot.
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The Spanish Colonial-style buildings comprise a mix of studio, one- and two-bedroom apartments, along with two ground-floor retail spaces. Amenities include controlled access, elevators, laundry facilities, covered parking and a shared courtyard.
Three Sisters portfolio on Van Ness
The previous owner acquired the properties in different transactions. The 50-unit property at 1755 Van Ness Ave., was acquired in 2016 for $29.9 million, Yardi Matrix shows. The building at 1725 Van Ness Ave. last changed hands in 2018 for $17 million and contains 24 units. Lastly, the 36-unit asset at 1735 Van Ness Ave., marketed as The Spreckels Mansion, last traded in 2009 for $8.2 million.
Vice President of Acquisitions Mari Yamato led the purchase in-house on behalf of Ballast, while Senior Commercial Broker Dan McGue with Coldwell Banker Commercial represented the seller.
San Francisco registered an increase in investment activity in 2025, up 20.6 percent year-over-year, with a total of $2.4 billion in multifamily assets changing hands, a recent report shows. The average per unit price also saw a 20 percent uptick year-over-year, to $415,946.
