Hines, Invesco Join Forces in SoMa
- Aug 06, 2015
A new high-end multifamily residential tower is under construction in San Francisco’s Transbay district.
Designed by Arquitectonica, the complex will feature 403 luxury urban-style residences in a 35-story building. The site of the high-rise, which will also include a best-in-class amenity package, is surrounded on two sides by Oscar Park and is located one block from the Transbay Transit Center.
According to the San Francisco Times, Hines and its equity partner Invesco bought the property last year for an estimated $48.5 million or about $116,000 per buildable unit. The seller was Fritzi Realty, a family-owned company led by Bob Tandler that had owned the 19,275-square-foot parcel for decades.
The 41 Tehama tower marks Hines’ first multifamily project in San Francisco. Construction is scheduled for completion in late 2017, and leasing should begin in the third quarter of 2017.