GTIS Partners and GreyBrick Partners have acquired The Wilson, a 67-unit apartment property in San Francisco’s South of Market neighborhood. The transaction represents the ninth acquisition by the companies’ joint venture, which was established to acquire and reposition smaller multifamily properties in downtown San Francisco.
Located at 973 Market Street, The Wilson is a seven-story building containing 67 apartments and approximately 2,000 square feet of ground-floor retail space. The property was originally designed by San Francisco architecture firm Percy & Polk in 1904 and was comprehensively redeveloped in 2014 while retaining elements of its historic design.
The building’s amenities include a rooftop terrace with an outdoor kitchen and lounge, a fitness center, resident clubhouse, coworking space, bicycle storage, a package room, dog run and building-wide Wi-Fi. Its Market Street location between Fifth and Sixth streets provides immediate access to the Powell Street BART and Muni stations and places residents within walking distance of major employment, shopping and entertainment destinations.
GTIS and GreyBrick plan to make targeted capital improvements to the property. The program will focus on improving common areas, modernizing selected building systems and leasing the vacant ground-floor retail space to a business serving the surrounding neighborhood.
The joint venture is pursuing investments that could benefit from improving apartment demand, limited new housing supply and the recovery of downtown San Francisco. The partners are also evaluating the potential effects of the city’s growing artificial intelligence industry and increasing office attendance on demand for centrally located housing.
Including The Wilson, the venture has acquired 193 units across nine apartment buildings. GTIS provides institutional investment and capital markets capabilities, while GreyBrick contributes local sourcing, leasing, renovation and property management expertise.
GTIS manages approximately $5 billion in gross assets and invests across residential, office, industrial, logistics and hospitality properties. GreyBrick specializes in Bay Area multifamily properties, and its principals have acquired more than 55 assets across the region.
KEY QUOTES:
“We are excited to continue this strategic partnership with GreyBrick and expand GTIS’ residential investment strategy in one of the country’s most compelling multifamily markets. San Francisco is entering the next phase of its recovery, supported by renewed employment growth, increasing office utilization, and an exceptionally constrained supply environment.”
“Today’s market presents a rare opportunity to acquire well-located multifamily assets at an attractive basis while positioning the portfolio to benefit from improving fundamentals over the long term. GreyBrick’s deep local relationships and operating expertise make them an outstanding partner as we build this platform together.”
Tom Feldstein, General Counsel and Chief Operating Officer of GTIS Partners
“The Wilson exemplifies the type of opportunity our team has focused on for more than a decade, well-located San Francisco multifamily properties where thoughtful operations, targeted capital improvements, and exceptional resident service can create meaningful long-term value.”
“We are excited to partner with GTIS to build a portfolio that combines GTIS’ institutional investment discipline with GreyBrick’s local acquisition platform, operational expertise, and deep market relationships. Our focus will be on delivering an exceptional resident experience while executing operational initiatives that enhance the long-term performance of every asset we acquire.”
Bryan Baskin, Co-Founder of GreyBrick Partners
