Alain Pinel Investment Group Selected as Exclusive Sales Agent by Lembi Group for 232-Unit San Francisco Apartment Portfolio
Posted by Stephen Pugh & Mark Bonn — May 25, 2009
SAN FRANCISCO, (May 20, 2009) – Alain Pinel Realtors (APR) is pleased to announce its appointment by the Lembi Group for the sale of a 232-unit San Francisco apartment portfolio. The portfolio is valued at approximately $43 million and contains 12 buildings located in many prominent neighborhoods of San Francisco, including the Marina, Twin Peaks and Russian Hill. Stephen Pugh and Mark Bonn of APR’s San Francisco Investment Group will be marketing the properties.
“We are thrilled to bring this exciting investment opportunity to the market at a time when buyers are eager to acquire quality properties that generate attractive cash yields last seen more than five years ago,” said Stephen Pugh, Managing Director of APR’s Investment Group. “Buyers have been waiting for an apartment property offering of this kind that’s value-priced relative to current and future income potential.”
The properties will be marketed on a coordinated basis, but will be sold to either individual buyers or one buyer. Many of the properties are fully occupied, yet offer significant upside potential. “San Francisco remains one of the strongest rental markets in the Bay Area and it offers significant future growth potential as economic conditions improve,” said Mark Bonn, Senior Director of APR’s Investment Group. “The properties are located in supply constrained areas of San Francisco that will not be overly impacted by new development, contains dedicated parking stalls and offer financeable value.”
Tim Murray, APR’s Vice President and Regional Manager of San Francisco and the North Bay said, “We are proud to be entrusted with this important sales assignment and I expect to see a very good response from potential buyers that will more than satisfy our client’s expectations.” In addition to Pugh and Bonn, the sales team includes senior sales associates Mirella Webb and James Murphy.
About Alain Pinel Realtors
Alain Pinel Realtors is the largest privately-owned and independent residential real estate company in California. The firm had a sales volume of $5.7 billion in 2008 ($1.1 million per transaction) and has been consistently ranked in the Top 10 firms in the United States. It was founded in 1990 by Paul Hulme, current Chairman and CEO, and is based in Saratoga, Calif. Alain Pinel Realtors served 5,300+ clients in 2008 through its 30 offices in Santa Clara, San Mateo, San Francisco, Marin, Sonoma, Alameda, Contra Costa, Napa, Monterey and Santa Cruz counties. Alain Pinel Realtors is a founding member of Luxury Portfolio, an operating unit of The Leading Real Estate Companies of the World. The firm also has a joint venture partnership in the mortgage lending institution Private Mortgage Advisors, which is an affiliate of Wells Fargo Bank, N.A. For a complete listing of Alain Pinel Realtors offices, services and agents, please visit our website at apr.com.