Ballast, a vertically integrated real estate investment and operating platform, has acquired 1690 Broadway, a trophy multifamily property in San Francisco also known as the Grosvenor Atrium. The 80-unit community in San Francisco’s Pacific Heights neighborhood came to market earlier this year for the first time in half a century. The purchase price was not disclosed.
“Pacific Heights is the kind of neighborhood where ownership tends to be measured in decades, not years, which is exactly why opportunities like this carry so much weight,” said Ryan Brewer, co-founder and managing principal at Ballast.
Pacific West Group directors Stephen Pugh, Andrew Black and Michael Johnston served as the listing agents for the seller, a private investment group.
Built in 1975, the four-story property is 97% occupied. Recent capital improvements completed by the seller include a new fire alarm and suppression system, dual-pane windows and high-efficiency water heaters.
Ballast recently completed another acquisition in Pacific Heights, adding a trio of adjacent multifamily properties collectively known as the “Three Sisters.”
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