San Francisco Luxury Tower Changes Ownership
- May 31, 2019
Jasper, a 319-unit high-end apartment property in San Francisco’s China Basin neighborhood, was sold by Crescent Heights to Milwaukee, Wisc.-based insurance company Northwestern Mutual. HFF worked on behalf of the Miami-based seller. The purchase was made free and clear of existing financing.
“There weren’t any challenges, as this is a best-in-class asset in a very strong market,” HFF Executive Managing Director Matthew Lawton told Multi-Housing News.
Located at 45 Lansing St., Jasper is a 40-story LEED Silver certified property completed in 2016. The asset features a mix of studio, one-, two- and three-bedroom floor plans totaling 303,826 rentable square feet.
Features and finishes of the residences include stainless steel Bosch cooking suites with built-in dishwashers, Caesarstone countertops, full-size washers and dryers and patios and terraces. The property’s most differentiating amenity is a club lounge with interactive video wall. The property was 96 percent occupied at the time of sale.
Located within walking distance of the Embarcadero Bay Area Rapid Transit (BART) station, Jasper is adjacent to Interstate 80 and the entrance to the San Francisco-Oakland Bay Bridge. The Financial District is situated less than a mile to the north.
The HFF investment advisory team representing the seller included Lawton, managing director Scott Bales and director Peter Yorck.
Just this month, an HFF investment advisory team represented a joint venture between Paradigm Cos. and a fund advised by UBS in the $228 million sale of Meridian at Pentagon City, a 534-unit property in Arlington, Va. Last December, the company facilitated the $41 million sale of a multifamily portfolio in Rohnert Park, Calif. To a Colorado-based buyer.