Gerding Edlen Acquires San Francisco Property
Nov 27, 2010
Gerding Edlen has purchased a parcel of land in downtown San Francisco and plan to build 106 rental apartments there, paying just under $9 million for its first San Francisco-based property. Part of Green Cities I, L.P., a $400 million private equity fund Gerding Edlen is raising, the project fulfills the fund's focus on downtown, transit-oriented properties in five target markets, including Portland, Seattle, San Francisco, Los Angeles, and Denver.
As of this November 2010 Portland Business Journal article written by J.K. Dineen and Wendy Culverwell, the fund has raised more than $45.5. million.
For Gerding Edlen, the Sutter Street project comes on the heels of three successful rental projects in Portland. These include Indigo, its 273-unit apartment project near the Pearl District, which leased 200 units in its first six months. The 354-unit Cyan/PDX at 1720 SW Fourth Ave., which is 65 percent leased since opening in 2009; and the 20 on Hawthorne, a 51-unit project in the Hawthorne District, which leased up almost as soon as it opened in 2009.