Jul 2, 2015

One of San Francisco’s tallest and newest residential towers is on the verge of a record sale that would give it a new life as condominiums after most rental units have sat vacant.

A partnership of Rockpoint Group and Maximus Real Estate Partners is said to be nearing a deal to pay roughly $400 million, or $1.3 million for each of the 298 units in the One Rincon Hill apartment tower, according to several people familiar with the transaction.The building opened last year.

The sale by current owners Urban Pacific Investors and Principal Real Estate Investors hasn’t closed, so the price couldn’t be confirmed by public records. Neither side of the deal would comment, nor would brokerage Eastdil Secured, which represented the sellers.

That per-unit price would be the highest for an apartment building in the Bay Area since at least 2007, according to data tracked by the research firm Real Capital Analytics.

None of the city’s other five tallest residential buildings – all in the South of Market or Rincon Hill and built within the last 15 years – have ever sold once they were constructed. This would be the second apartment sale of about $1 million per unit this year after the 107-unit Etta Apartments – a midrise building in Nob Hill – sold to Stockbridge for $106 million in March.