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The Devincenti / Lagomarsino Team

Team of James Devincenti and Brad Lagomarsino just closed on a trio of trophy apartment buildings in San Francisco, California, totaling 104 units and $64,775,000, with a record-breaking 2.14 percent cap rate, at $622,837 per unit.

The Registry

SAN FRANCISCO, CA (November 13, 2018) – The Colliers International team of James Devincenti and Brad Lagomarsino just closed on a trio of trophy apartment buildings in San Francisco, California, totaling 104 units and $64,775,000, with a record-breaking 2.14 percent cap rate, at $622,837 per unit.

The three properties were part of a portfolio held by the Bernheim/Rogers family since 1932, each with unique appeal: 555 Buena Vista Ave. W., a historic, Spanish Churrigueresque design directly across from Buena Vista Park; 810 Eddy St. in the Van Ness corridor, near Opera Plaza; and 2110 Jackson St., an Art Deco building in Pacific Heights with Golden Gate Bridge and bay views.

“Rarely do trophy multifamily assets of this caliber come to market, and when they do, they generate a lot of interest from investment groups around the country,” said Devincenti, Executive Vice President, Multi-Family Investment Services, whose team represented both seller and buyer. “All of these trophy apartment buildings sold at record-breaking metrics and significantly above their asking prices.”

The portfolio sale closed on October 17, 2018, to Ballast Acquisitions, LLC, a San Francisco-based investment fund.

That transaction closely followed another significant trophy apartment building sale for Devincenti and Lagomarsino’s team: the 46-unit 250 Fell St. in Hayes Valley, which closed on Oct. 3, 2018, for $17.7 million ($384,783 per unit, and a 2.57% cap rate). Seller John Williams and buyer Veritas Investments were both represented by James Devincenti and Brad Lagomarsino.

The coming weeks are set to bring yet another major multifamily sale for Devincenti and Lagomarsino’s team, as well: The classic 1920s trophy apartment building at 2275 Broadway St., with 28 units in Pacific Heights, is in escrow for over $34 million, and scheduled to close at the end of November.

“Despite cap rates inching upward in San Francisco, and some investors slowing down on multifamily building purchases, we’re set to end the year on a high note,” says Executive Vice President Brad Lagomarsino. “It’s a testament to our team’s drive and commitment, and relationships with buyers who are ready to invest when special properties like these come along.”

The Devincenti/Lagomarsino Team of Colliers International stands as the top-selling apartment brokerage team in San Francisco, with over $3.590 billion in closed sales and more than 13,380 units sold.

 

 

Sale of Luxury Apartment Buildings in Pacific Heights for a record $62 million.

 Business Times

(09/19/2017) Full Article By Roland Li

SAN FRANCISCO – February 19, 2017 – Just 90 days after listing the properties, Colliers International has negotiated the sale of two of San Francisco’s most valuable and iconoclastic luxury apartment buildings in Pacific Heights for a record $62 million. The buildings and the prices they commanded were 2201 Pacific Avenue for $31.8 million and 1755 Van Ness for $29,850,000.

Colliers International Executive Vice Presidents James Devincenti and Brad Lagomarsino sold the two trophy apartment buildings on behalf of Union Bank’s Trust Department, which represents the buildings’ ownership entity.

“Our hard work on this offering included going far beyond any traditional listing proposals because of the unique, and I use that word advisedly, nature of these buildings,” said Devincenti. “We researched everything about them and we became captivated by their histories – from the architects who designed them, the absolute sterling condition in which they’ve been maintained for more than half a century, the periods in which they were built between two world wars and even before the Golden Gate Bridge was completed.”

The two buildings are city landmarks featuring notable architecture that harkens back to the 1930s and have been impeccably maintained, upgraded, renovated and seamlessly modernized. Built in 1930, the first building at 2201 Pacific Avenue was designed by fabled San Francisco architect Edward E. Young, who also conceived such buildings as The Park Lane at 1100 Sacramento Street and 2790 Green Street, now the Russian Consulate.

“Our team zealously pursued the listings and then the sales of these once-in-a-lifetime investment opportunities and we likely will never see such an opportunity again,” added Lagomarsino.

The Pacific Avenue property is comprised of 38 units, most of which are considered grand by today’s standards, on seven floors. They include 12 two-bedroom, two-bath units with a total of five spacious rooms in each; 1 two-bedroom one-bath unit, which also has five rooms, 25 one-bedroom, one-bath apartments with four rooms each.

The building’s spacious Spanish Colonial-themed lobby, featuring a vaulted wood ceiling with gold and copper leaf design, is reached through an intricately detailed glass-and-steel front door. A winding stairway flanked by dark-stained wood railings, as well as one cable-driven elevator, provide access to the floors above. The second structure, located at 1755 Van Ness Avenue and built in 1928, features steel-frame and brick-infill construction on a concrete foundation with seven residential floors, as well as two ground-floor retail units. Its architect, Albert H. Larsen, is responsible for designing other notable San Francisco apartment buildings such as 1150 Union Street and The Hamilton at 631 O’Farrell Street. It has a total of 50 units, including 24 onebedroom, one-bath units with four rooms each; and another 24 studio units with three rooms each. On Van Ness Avenue, there are two street-level retail units totaling 2,500 and 3,250 square feet, respectively.

“As a team, Devincenti and Lagomarsino handled more than 50 transactions in 2016, representing half a billion dollars in multi-family assets in San Francisco and there is simply no competing team that can make such a claim,” said Colliers Executive Managing Director Alan Collenette, who oversees the brokerage firm’s operations in San Francisco, Marin and Sacramento. “Their combined knowledge and expertise has made them the leading sales force in one of the country’s most prestigious real estate markets.”

Colliers International Western Region media Relations - Media Contact: Keith Karpe

 

 

Pacific Heights apartments sell for $20 million

Business Times

(08/30/2013) Full Article By Blanca Torres

 

Two apartment buildings in San Francisco’s posh Pacific Heights neighborhood traded hands — a sign that investors are still hot for apartments. Prado Group sold a 30-unit, Art Deco building at 1845 Franklin St. to a foreign buyer for $14 million or about $466,667 per unit. Ralston Bridge Pacific LLC sold a 27-unit property at 2140 Pacific Ave. for $20 million or $740,740 per unit to Taylor Street Apartments LP. If those per unit figures are giving you sticker shock, it’s justified. Broker James Devincenti of Colliers International, who represented Prado Group and Taylor Street, called the prices “record-breaking.” “Trophy apartment buildings in Pacific Heights rarely come to the market,” he said. “The sellers were able to obtain top-of-the-market pricing and the buyers earned the opportunity to acquire a once-in-a-lifetime investment that is sure to appreciate over the long term.” Pacific Heights has long been considered one of San Francisco’s toniest neighborhoods and boasts a 1.5 percent vacancy rate for apartments.

Brad Lagomarsino of Colliers also represented the Prado Group and Taylor Street in the deals.

 

 

Colliers Snags Top San Francisco apartment brokers from Marcus & Millichap

Business Times

(1/29/2013) Full Article By J.K. Dineen

 

Two of San Francisco’s top apartment brokers have left Marcus & Millichap for Colliers International.

James Devincenti and Brad Lagomarsino, who brokered the sale of 68 properties totaling 1,560 San Francisco units in 2012, started at Colliers on Jan. 28th. The total value of the team's 2012 transactions topped $339 million.

 

 

Brad Lagomarsino and James Devincenti Join Colliers International

The Registry

(1/29/2013) Full Article 

 

Colliers International announces that Brad Lagomarsino and James Devincenti have joined its San Francisco office as Senior Vice Presidents of the San Francisco Urban Multifamily team. Previously James and Brad were Senior Vice President of Investments and Vice President of Investments, respectively, at Marcus & Millichap.

 

 

Pacific Heights Gem Commands $10.5 Million, or $650,000 a Unit

Business Times

(11/16/2012) Full Article By J.K. Dineen and Blanca Torres

 

A Pac Heights apartment building has fetched the highest price per unit so far this year in the San Francisco Bay Area.  A high-net-worth individual representing two family trusts shelled out $10.5 million cash for 2299 Pacific Ave., a 1920s apartment building in San Francisco's Pacific Heights area. The price tag of the 16-unit building comes out to $650,250 per unit.  James Devincenti!, senior vice president of  investments, and Brad Lagomarsino, vice president of investments in Marcus& Millichap’s San Francisco office, represented the seller, the Henry I. Prien Family Trust. The buyer acquired the asset as-is, dosing escrow in two weeks.  The property brought 10 offers.  "A rarely marketed asset, this trophy apartment building had been owned by the same family for more than 46 years, "says Devincenti. "Because of high demand for quality infill assets in prime neighborhoods, we were able to close this transaction at a cap rate of 3.25 percent and a (gross rent multiplier) of 17.55.  "Designed by Conrad Alfred Meussdorfer, the nine story concrete and steel building has large units, fireplaces and views of the Golden Gate Bridge. It has gold copper leaf composite ceilings and a fountain in the lobby. The building contains units ranging from studios to three bedrooms, from 425 to 1,830 square feet, and one 600-square-foot office.

 


Latest San Francisco Apartment Sale Nets Prana $38M for Portfolio

Business Times

(6/8/2012) Full Article

In early May Marcus & Millichap represented Blackrock in the sale of a 476-unit former Lembi portfolio. The Blackrock portfolio attracted 41 offers and James Devincenti of Marcus & Millichap expects similar interest on the CIM buildings.



AREA Lands Lembi Portfolio for $59.6 Million

Business Times

(9/13/2011) Full Article

James Devincenti of Marcus & Millichap, who represented the seller with Brad Lagomarsino.



Former Lembi Building Goes for $4.1 million

Business Times

(5/13/2010) Full Article

A private investor has shelled out $4.1 million for 2845 Pierce St., the latest in a series of bank-owned apartment buildings formerly owned by the Lembi family. The 12-unit building sold for $348 a square foot and $341,000 per unit. The cap rate — the ratio between a property's net operating income and its capital cost — was just under 5 percent, according to Brad Lagomarsino of Marcus & Millichap, who represented the bank seller along with James Devincenti. The property sold in 10 days and received multiple offers.



Capitalization Rates Falling in San Francisco Deals

Business Times

(4/02/2010) Full Article

Cap rates are sinking on solid San Francisco multi-family deals. Case in point: the 37-unit 75 Buena Vista East, which the Mannion Trust just purchased for $6.8 million.

The seller was the Stirling family, local Bay Area investors. The deal, about $285 a square foot, came in at a 4.82 percent capitalization rate, well before the 7 percent and 8 percent rates seen in recent months.

The building has 22 studios, 14 one bedrooms, a larger penthouse and 19 parking spaces. Brad Lagomarsino and James Devincenti of Marcus & Millichap represented both sides in the deal.