Marcus & Millichap Brokers $77M in California Property Sales
Marcus & Millichap, Calabasas, Calif., brokered the sale of a five-story, 123-room hostel in downtown San Francisco. The building sold for $19 million.
“The property provides guests with hotel rooms and short-term apartment rentals,” said Jag Patel, Senior Associate in Marcus & Millichap’s Oakland office. He represented seller USA Hostels and procured the private investor buyer.
Built in 1907, the building at 711 Post Street is four blocks from Union Square and near public transportation including cable cars. San Francisco’s Chinatown neighborhood is one mile away and Fisherman’s Wharf and Pier 39 are within two miles. The property has 48 units with private bathrooms, a self-service commercial kitchen and a yoga studio.
“One of the effects of the pandemic on hospitality assets is that hotels no longer enjoy the high level of leverage that financing used to provide,” said David Nelson, Regional Manager of Marcus & Millichap’s Oakland office. “However, strong buyers with healthy balance sheets can overcome financing hurdles and acquire hospitality properties that align with their investment goals.”
Elsewhere in California, Marcus & Millichap helped sell 232-unit multifamily community Camden Parc Apartments in Vacaville for $58 million, equal to $250,000 per unit. First Vice Presidents of Investments Steven Nelson and Dusty Haeling represented seller JCM Partners and procured buyer Camden Parc Residential LLC.
Camden Parc Apartments is on Aegean Way near Folsom Boulevard, less than one mile from Interstate-80. Its interiors and exteriors were renovated last year.