2130 Post St (Planning, Design or Conception) – San Francisco – 94115
LOWER PACIFIC HEIGHTS SAN FRANCISCO APARTMENTS – 2130 POST
You’re tech savvy, energetic and socially responsible. You have a professional work ethic, but you believe in the perfect work/life balance, which is why living in San Francisco fits you like a glove. When seeking Lower Pacific Heights San Francisco apartments, you want to live somewhere that encourages a sense of community and has a fun, easygoing vibe. Look no further, 2130 Post is the perfect place for you.
Prado Group grabs dental school building in Pac Heights
The University of the Pacific’s Arthur A. Dugoni School of Dentistry has shed the first of its Pacific Heights properties, part of its gradual migration to downtown San Francisco.
The dentistry school unloaded 2130 Post St., a 67-unit, 100,000 square foot apartment building near its current campus. The buyer was the voracious Prado Group, a San Francisco investor and developer that has bought 25 properties in 24 months. The seven-story apartment building is a mixture of large one, two, and three bedroom units with 1:1 parking. The price was not disclosed. The Prado Group will reposition the building as a market rate apartment building.
The sale comes as the dental school builds its new campus near Fifth and Mission. In November the university closed on its $47 million purchase of a former Wells Fargo office building at 155 Fifth St. to establish a new campus in the city’s South of Market district. The building, a seven-story building with approximately 395,000 gross square feet of space, will undergo an extensive renovation and is expected to open in mid-2014. Five floors of the building will house the school of dentistry, as well as classroom space for other future university programs. The remaining two floors will be leased as premium office space.
In order to pay for the redevelopment downtown, the university is selling two properties: 2130 Post St., which has been used for student housing; and 2155 Webster, a 202,000 square foot tower that is the school’s main campus.
The university was represented by Grubb & Ellis’ San Francisco Investment Group (Daniel Cressman, Michael Taquino, and Kyle Kovac) in partnership with Alain Pinel’s San Francisco Investment Group (Mark Bonn, Mirella Webb Terada).
J.K. Dineen covers real estate for the San Francisco Business Times.
San Francisco has plenty of developers who build housing and no shortage of investors who acquire and operate large apartment portfolios. Prado Group is shaping up to be a rare hybrid of both.
Over the last few years, the privately held San Francisco company and its partners have become one of the city’s most active multi-family buyers, acquiring 1,100 apartments across San Francisco. In early February the group paid approximately $27.8 million for 2130 Post St., a 67-unit, 100,000-square-foot apartment building previously owned by the University of the Pacific’s Arthur A. Dugoni School of Dentistry. A week before that, Prado scooped up two properties in the Lower Polk neighborhood totaling 99 units, an $11 million acquisition. Those two deals followed a $61.4 million, nine-building, 327-unit portfolio purchase in September 2011 from the lender JE Roberts and one private investor, and a $34.5 million, 156-unit portfolio purchased in June 2011 from Tribeca Cos.
As it builds up its portfolio, Prado Group has been adding to its workforce as well, growing to 42 employees from about 20 a year ago.
Meanwhile, Prado Group will start construction this spring on three San Francisco projects.
In April, the group will begin work on 1266-1270 9th Ave. in the Sunset District, a 15-unit project with a 3,000-square-foot retail space on the ground floor that has been leased to La Boulange Cafe and Bakery. Also around the first of April, it aims to break ground on 2001 Market St. at Dolores Street, an 80-unit development with a Whole Foods on the ground floor. Webcor is the contractor on that project. Dan Safier, Prado’s president, said his firm is finalizing financing. “It’s in the sweet spot of what lenders like right now — a multi-family rental project in a great gateway city like San Francisco and 40 percent of the income is from Whole Foods, a high-quality, credit grocery anchor.”
Finally, demolition has already started for the Trader Joe’s Prado is building at California and Hyde streets. The 14,000-square-foot project, which also includes a CVS drug story, will replace a Cala Foods that closed last year.
Safier said Prado is not interested in building just for the wealthy or just for tech workers or empty nesters, but for all San Franciscans. Prado’s offerings range from a $700 efficiency in the Tenderloin to a $7,000 a month, two-bedroom, two-bathroom penthouse on Nob Hill. “Our tenants run the gamut of what is San Francisco — we cater to a very broad spectrum of residents that mirror the diversity of our city,” said Safier.
Prado has seen about 9 to 10 percent annual rental growth in its apartment portfolio. With the trend of baby-boomers and Generation Yers flooding cities in search of jobs, culture and pedestrian-friendly urban environments, rents in San Francisco should continue to rise, he said.
“The economy seems to be improving, the creation of jobs in the city has helped — and we don’t see any signs that job formation is slowing down,” he said. “There is no doubt we are at the early stages of a vibrant market cycle — we need to make sure our policies are in line with helping to meet demand on the office and residential side.”
But just in case, Prado is conservative in terms of pro formas and financing. Each transaction is funded separately.
“We tend to finance our properties like a pension fund would finance their properties,” Safier said. “A lot of our investors are endowments and pension funds and trusts and they don’t like to see leverage either.”
Webcor CEO Andy Ball called the start of construction at 2001 Market St. “a long time in coming.”
“Prado Group tends to wants to focus on a smaller number of very high-quality projects and Dan is personally involved with every aspect of the project and tends to know everyone involved,” said Ball. “He is a very savvy, hands-on, relationship guy.”
After a decade in which the Lembi empire amassed an empire of 10,000 housing units, the Prado Group and other investors like Russell Flynn are out to prove that you can be a larger owner in San Francisco without flouting rent control laws. “As these buildings have traded hands they have gone into the hands of some very responsible landlords,” said Safier.
J.K. Dineen covers real estate for the San Francisco Business Times.
Residents love living close to Fillmore Street, which is home to many amazing restaurants, cafes, and boutiques.
Residents can buy groceries at Mollie Stones
Indulge at Pizza Delfina
Stop for a burger at ROAM Artisan Burgers
Take a coffee break at the original La Boulange
High-end shops such as Marc by Marc Jacobs, Design within Reach and Alice + Olivia line Fillmore Street.
Across the street from 2130 Post is Hamilton Rec Center which is a perfect place to for dogs to play.
2130 Post calls the Lower Pacific Heights neighborhood of San Francisco home. Here we strive for a feel that’s both urban and chic, while still providing the necessities and comforts of home you expect from a Luxury San Francisco apartment community.
While you may recognize the exterior of our building, you’ll be pleasantly surprised by the completely renovated interior. When you move into one of newly renovated apartments you can expect quality construction, beautifully designed interiors, a washer and dryer in every home and stainless steel appliances, which include a dishwasher and microwave.
2130 Post features a community room with TV, community kitchen and dining area. Work out in our fitness center or enjoy BBQing with friends on our back patio, which features beautiful landscaping. We also have a bike storage room with a “tune up" table to keep bikes in top condition. Bike storage and car parking is also available at additional cost.
Located directly across from the Hamilton Recreation Center and Park in Lower Pacific Heights sits 2130 Post Street. This 7-story, 71-unit complex is still putting the finishing touches on a total remodel that transforms the building from student housing into modern, luxury apartments. The ongoing construction hasn’t stopped it from already renting over a dozen apartments, designed by local firm BAR Architects. The mostly 1- and 2-bedroom units (there is a single 3-bedroom unit on the ground floor) range from 600-1,650 sq. ft. An abundance of large windows and in-unit laundry are standard in all apartments, many of which also feature walk-in closets.
The building itself is being touted as a modern, community oriented space to attract young professionals. Features include an entryway lounge, business center, community room with full kitchen, fitness center, and outdoor patio. Free Wi-Fi is available in all common areas. The building will also be outfitted with a rotating art selection from local artists in a partnership with Spaces Design. Prices for 1-bedroom units start at $2,850, and go up to $4,995 for 2-bedroom units with views. Check out their homepage for more information on unit availability (and the art party).
Private Balconies and Patios*
Stainless Steel Appliances
At Grade and Garage Parking
Community Room & Rear Yard
Furnished Apartments Available
Gated Electronic Entrance
Laundry Facilities, In Unit Washer and Dryer
Online Rental Payments
Close to Park
WiFi Available in the Lobby
* In select apartment homes
2130 Post features a stylish, yet comfortable community room, which has seating areas for reading and chatting as well as a television for entertainment. The community room and lobby at 2130 Post both feature free WiFi. When you walk through the lobby, you’ll notice gorgeous artwork from Lingne Roset, a leading interior furniture and art studio in San Francisco.
In the community room you’ll find a communal kitchen that features beautiful Heath Ceramics backsplash tile, which is open to the community room. Whether you’re just relaxing with friends, throwing a baby shower for a neighborhood, or hosting a selection party for your fantasy football league, the community room is a useful feature of 2130 Post.
Our fitness room features cardio machines and medicine balls, as well as a television for entertainment while working out. A large bike parking room allows for each resident to comfortably store their bike. This room also features a bike repair stand for residents to quickly get their bikes in peak condition to hit the road!
On sunny days, spend time on our backyard patio getting to know your neighbors or relaxing with your favorite magazine. Our apartments are pet friendly, which means your furry friend can spend time with you on the patio, as well. Community BBQs are also available for residents to use in the backyard – perfect for celebrating a birthday or a Giants win!