Meyer Properties has sold 1000 Green Apartments, a 13-story multifamily property in San Francisco's Russian Hill neighborhood, to private investors Guiv Soofer and Faramarz Petri for $31.04 million. The transaction represents approximately $500,581 per unit.
Built in 1950, the 1000 Green St property contains 62 units across 108,394 square feet. The building features a mix of 20 one-bedroom units averaging 650 square feet, 20 two-bedroom units averaging 1,725 square feet, and 22 three-bedroom units averaging 1,100 square feet.
The acquisition expands the buyers' multifamily portfolio in the Bay Area. Soofer now owns two properties totaling 117,190 square feet, while Petri's portfolio includes three properties comprising 146,944 square feet.
The Russian Hill submarket currently reports a 5% vacancy rate with average asking rents around $6,163 per unit.
For the record
Bradley Lagomarsino and Dustin Dolby of Colliers represented the seller, Meyer Properties, in the transaction.