GTIS Partners and GreyBrick Partners Acquire 67-Unit Wilson Apartments in San Francisco SoMa
GTIS Partners and GreyBrick Partners announced the acquisition of The Wilson, a 67-unit multifamily property located at 973 Market Street in San Francisco’s SoMa neighborhood. The transaction represents the ninth acquisition by a joint venture between the two firms focused on acquiring and repositioning small-scale multifamily properties in downtown San Francisco.
The Wilson was originally designed by San Francisco architects Percy & Polk in 1904 and was redeveloped in 2014 into a residential community. The 7-story property includes 67 apartments above approximately 2,000 square feet of ground-floor retail space. Amenities include a rooftop terrace with outdoor kitchen and lounge, fitness center, resident clubhouse and co-working space, bicycle storage, package room, dog run, and building-wide Wi-Fi.
The property is located along Market Street between 5th and 6th Streets, with access to Powell Street BART and Muni stations. According to the release, the location provides proximity to employment centers, entertainment venues and retail destinations in the city.
The partners plan to execute a capital improvement program targeting common areas, building systems, and the vacant ground-floor retail space.
Tom Feldstein, General Counsel and Chief Operating Officer of GTIS Partners, said: “We are excited to continue this strategic partnership with GreyBrick and expand GTIS’ residential investment strategy in one of the country’s most compelling multifamily markets. San Francisco is entering the next phase of its recovery, supported by renewed employment growth, increasing office utilization, and an exceptionally constrained supply environment.”
Bryan Baskin, Co-Founder of GreyBrick Partners, said: “The Wilson exemplifies the type of opportunity our team has focused on for more than a decade, well-located San Francisco multifamily properties where thoughtful operations, targeted capital improvements, and exceptional resident service can create meaningful long-term value.”
The venture has acquired 193 units across 9 multifamily buildings to date. GTIS Partners is a global real estate investment firm focused on residential and industrial/logistics investments. GreyBrick Partners is a San Francisco-based real estate investment and operating company.