Northwestern Mutual has purchased Jasper, a 319-unit, luxury high-rise apartment building in San Francisco from Crescent Heights.
The sales price was not disclosed; however, The Registry estimated the priced to be $306.5 million.
Jasper is located at 45 Lansing Street adjacent to Interstate 80 and the entrance to the San Francisco–Oakland Bay Bridge. The property is also within walking distance to the Embarcadero BART Station and the Financial District less than a mile to the north. Completed in 2016, the 40-story property comprises a mix of studio, one-, two- and three-bedroom floor plans totaling 303,826 rentable square feet.
San Francisco rent growth is steadily accelerating and development is picking up in the multifamily sector, reported Yardi Matrix. The average rent was up 4.0 percent year-over-year through February, reaching $2,660. And there were more than 4,300 units delivered last year, with an additional 19,683 units under way as of February.
