One Rincon Hill, the towering apartment complex sitting on the base of the Bay Bridge entrance, is set to sell for a lofty $400 million—a new Bay Area record.
The proposed sale of San Francisco’s tallest apartment building, will set a record as the the highest price ever paid for a Bay Area apartment building. The alleged buyer—a partnership between Rockpoint Group and Maximus Real Estate Partners—intends to convert the 289 unit complex into condos, hoping to capitalize on the condo-craze sweeping over urban transplants.
Since opening in 2014, the apartment complex's units have largely sat empty, likely due to their sky-high $6,027 per month average rent.
The 49-story architectural beauty is the first of the city's five tallest residential buildings to be sold post-construction.