SAN JOSE, CA - Leading commercial real estate professional services and investment management company Colliers announced today the sale of the Keystone Apartments located in San Francisco’s esteemed Nob Hill neighborhood. Colliers’ Devincenti Lagomarsino Team facilitated the transaction on behalf of the seller, a San Francisco family, and buyer, delivering a property valuation and proposal and closing documents in 45 days. The building was sold to a local investment group for an all-cash offer of $43 million in the end of December 2020.
The Keystone Apartments are historically and culturally significant to the area having appeared in the 1982 film 48 Hours starring Eddie Murphy and Nick Note and as a general San Francisco landmark in several other films and television shows. Upon its opening in 1910, the building was heralded by the San Francisco Call as the “finest and handsomest apartment house west of Chicago.”
“The Keystone Apartments is one of the finest examples of a ‘pride of ownership’ building in San Francisco. It is rare to find a 1900’s property preserved with such exceptional detail,” said Executive Vice President Dustin Dolby of Colliers’ Devincenti Lagomarsino Team. “Our team is honored to be a small part of the Keystone Apartments’ long and colorful history.”
Dolby added, “San Francisco is a highly desirable market despite what the exodus seen in the past year may suggest. Investors are confident that factors such as the job market and the city’s history and culture will continue to attract renters and help stabilize the market as the economy recovers.”
The Keystone Apartments is a seven-story, 87-unit multifamily building located at 1369 Hyde Street. Original classical architecture and design features have been retained throughout the building’s common spaces and units thanks to the previous owner’s meticulous level of care. The building’s unit mix is comprised of 13 efficiency units, one studio, 31 one-bedroom units, 35 two-bedroom units and six two-bedrooms plus units. Many units boast views of the Bay, Alcatraz Island and Golden Gate Bridge. At the time of the sale, the property was 20 percent vacant.
The apartments’ name is derived from the original developer, the Keystone Real Estate Company, which developed the property as a hotel. Historical facts on display include two original safes, one of which has a locked security box, and a room on the mezzanine level with unclaimed trunks left behind from travelers. The new owners plan to maintain the property’s historic integrity by exhibiting facts throughout the building.
Just a short walk from The Keystone Apartments are many trendy shops, restaurants, bars and clubs in Nob Hill and Russian Hill. Also nearby are Huntington Park, Grace Cathedral, Union Square and the iconic crooked street on Lombard Street. Marin County via the 101 freeway to the north and the Financial District are also easily accessible from the apartment building’s location.
About Colliers International: Colliers International (NASDAQ, TSX: CIGI) is a leading real estate professional services and investment management company. With operations in 68 countries, our more than 15,000 enterprising professionals work collaboratively to provide expert advice to maximize the value of property for real estate occupiers, owners and investors. For more than 25 years, our experienced leadership, owning approximately 40% of our equity, has delivered compound annual investment returns of almost 20% for shareholders. In 2019, corporate revenues were more than $3.0 billion ($3.5 billion including affiliates), with $33 billion of assets under management in our investment management segment. Learn more about how we accelerate success at corporate.colliers.com, @Colliers on Twitter or LinkedIn.