Essex Property Trust has sold the 463-unit Mosso Apartments to Brookfield Asset Management for $311 million, reported The Registry.
San Francisco is a top-tier market. The metro’s formidable economy is attracting and retaining talent despite the limited housing supply and a shortage of affordable properties. While rent growth moderated throughout the year, it rose 2.4 percent year-over-year through October, 80 basis points below the national average, reported Yardi Matrix. Standing at $2,738, the average rent was nearly double the national figure. California’s new rent control bill will take effect in January 2020.
San Francisco gained 67,400 jobs in the 12 months ending in September, pushing the unemployment rate down to 2.2 percent as of September, 90 basis points below the January 2019 figure. Professional and business services (21,700 jobs) and education and health services (16,100 jobs), the metro’s main economic pillars, continued to lead growth. D
