Real estate investment and operating platform Ballast has acquired a trophy portfolio of three historic multifamily buildings in San Francisco for $48.5 million. Collectively known as the “Three Sisters,” the 1928-vintage properties are located along the Van Ness corridor in Pacific Heights.
The three adjacent six-story buildings contain 110 units with a mix of spacious studio, one- and two-bedroom residences, along with two ground-floor commercial retail spaces. The portfolio was 97% occupied at acquisition.
“Three adjacent, impeccably maintained historic buildings of this scale and architectural pedigree simply don’t come to market in Pacific Heights,” said Mari Yamato, VP of acquisitions at Ballast. “These properties offered a combination of institutional quality, neighborhood prestige, and genuine historical character that we knew we would not see again, and we moved decisively to bring them into our San Francisco portfolio.”
Yamato led the acquisition on behalf of Ballast; Dan McGue of Coldwell Banker Commercial represented the private investor groups who sold the properties.
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