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JULY 29, 2019

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San Francisco Bay Area apartment complex sells for $325m

by Released

GID has paid $325 million for a 402-unit apartment asset in the San Francisco Bay Area, according to media reports.

The seller was a partnership between Pauls Corp. and Fortress Investment Group.

As job growth remains elevated throughout the Bay Area, a lack of available housing has been a constant strain, reported Marcus and Millichap in its second quarter 2019 report. Out-of-reach single-family homes, which have become some of the most expensive nationally, have prompted a rental culture, lowering vacancy rates below 5 percent regionally. While these conditions will be alleviated somewhat over the coming year, with cycle-high development expected in all three metros of the Bay Area, the overall long-term trend of a housing shortage will remain in place. Vacancy will likely rise in 2019 as the new inventory is absorbed, yet

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