An apartment building in San Francisco’s Nob Hill neighborhood has changed ownership for the first time since it was built in the 1950s. The Crest Royal Apartments, a 12-story, 56-unit building at 1310 Jones Street, sold for $24.6 million, or $439,000 per unit. The buyer is 1310 Jones LLC, which lists its address at a law firm in the Transamerica Pyramid.
The property was part of a three-building portfolio developed by Theo G. Meyer and Sons. The Crest Royal Apartments were constructed in 1955 and remained under the ownership of the Meyer family until this sale. The other two buildings in the portfolio—1330 Jones Street, a six-story building with 36 units, and 1000 Green Street, a 13-story, 62-unit property in Russian Hill—were sold earlier this year for $14.5 million and $31 million, respectively.
Theo G. Meyer and Sons, now defunct, also developed the Civic Center Garage in San Francisco and the College of San Mateo.
The San Francisco multifamily housing market is showing signs of renewed activity as more workers return to offices and the artificial intelligence sector attracts new residents to the city. According to CBRE, rents for Class A apartments in San Francisco have increased by 8.8 percent over the past year, while Class B and C properties have seen rent growth of about 5.5 percent.
In related news, AvalonBay Communities’ Sunset Towers, a residential development with 243 units at 6-8 Locksley Avenue, is currently under contract after receiving bids exceeding $100 million, or approximately $411,000 per unit.
