SAN FRANCISCO, CA – San Francisco skyline watchers will have a chance to lease in the city’s newest architectural eye candy. Named for its prime downtown address, 500 Folsom announced it has begun pre-leasing. The 42-tale tower has 537 residences, including 32 penthouses spanning the top four floors and 109 below-market-rate apartments. Leasing rates will start at $3,500 per month for residences that range from 480 sq. ft. to 1,366 sq. ft.

500 Folsom defines high-end vertical living in San Francisco. The impressive structure, designed by Skidmore, Owings & Merrill (SOM) and Fougeron Architecture, rises boldly in the city’s burgeoning ‘East Cut’ neighborhood. Residents of the 440 ft. tower’s upper floors have unobstructed city views and glimpses of the Bay Bridge, Oracle Park and the new Chase Center. 

The building has breezy, light-filled apartments with high-end finishes and appliances, as well as the social and wellness amenities downtown city dwellers expect. Amenities include an expansive club room and two outdoor terraces. The building’s sprawling ninth floor offers residents a hot tub, BBQ areas, two sun decks with stunning views and a fire table, a Fit Club fitness center and community garden. 500 Folsom’s other fitness amenities include the HIIT Zone, a high intensity training room featuring Peloton® bikes and TRX rack system and a Flex & Flow yoga studio with ballet barre. The building is also equipped with a dog-washing station and six levels of underground parking.  

500 Folsom’s architectural prowess, stylish finishes, spacious rooms and curated amenities place it on par with any of San Francisco’s elite downtown residences. Offering an attractive live-work-play lifestyle starting at $3,500 a month, 500 Folsom’s more attainable price point is sure to attract the Bay Area’s newest tech transplants. 

500 Folsom offers residents a truly upscale living experience. Residences include high-end kitchen appliances by GE, Caesarstone countertops and full-size washers and dryers. 

500 Folsom is designed to achieve LEED Silver certification standards. The building features natural ventilation through operable windows, exterior shading, high-performance glass and an energy-efficient hydronic heat pump system at each residence. The structure is equipped with low-flow fixtures and photovoltaics to pre-heat boilers, while a rainwater harvesting and greywater system collects, treats and recycles water for landscape irrigation. Additionally, the building uses high-recycled content and other materials that meet strict low-emissions and low-VOC standards. 

Home to the city’s new Transbay Transit Center, Salesforce Tower, Salesforce Park and many of the largest names in tech, 500 Folsom’s neighborhood – The East Cut – is where it’s all happening downtown. Residents of this bustling hub are near San Francisco’s Museum of Modern Art (SFMOMA), Ferry Building and sought-after restaurants and shops along the Embarcadero. Global tech companies such as Facebook, Google, Salesforce and Slack also call the East Cut home. The East Cut boasts a Walk Score of 96, with ample public art, abundant Bay views, highly accessible transit and extensive dining options.  

500 Folsom residents will have the opportunity to live in an architecturally significant building designed by Skidmore, Owings & Merrill (SOM), the same firm responsible for the Transbay District’s master plot and numerous landmark projects, including the International Terminal at San Francisco International Airport, Moscone Center’s recent expansion and Cathedral of Christ the Light in Oakland. The building’s foundation consists of two midrise podium blocks, designed by Fougeron Architecture, that along with the tower form a gateway and paseo, linking Folsom Street to Clementina Street and the future location of Oscar Park. The entry space, with its broad opening and high ceiling, is described as an “urban living room”. It invites residents and guests to occupy the space, which is bookended by retail. The tower’s developer is Essex Property Trust, Inc.

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HOOVER, AL – Chicago-based Tricap Residential Group, an owner and operator of multifamily communities, has closed on the acquisition of Wisteria Nine90 Apartments for a buy price of $24,000,000.  This transaction will add another 323 apartments to Tricap’s existing portfolio increasing their total portfolio to over 2,500 apartments. 

The property will be immediately rebranded as Element Hoover and will undergo a value-add strategy including significant unit renovations, modernization of the common areas, and professional management practices that will increase value and resident services at the property.

“We are very excited about this opportunity as we venture into a new market with the goal of making exceptional living opportunities at an attractive price for our renters,” Suzanne Hopson, director of property management at Tricap stated. “Our proven management, marketing and renovation strategies provide the outcomes our internal as well as external customers expect.  We deliver.”

The acquisition is the first for Tricap in the Alabamamarket and their fourth in the Southeast region.  “Our continued expansion into the Southeastern part of the US is reflexive of long-term population trends,” said Bryan Pritchard, Founder of Tricap.  “While our roots remain firmly planted in the Midwest, our growth plans will likely continue to take us further into Southern markets.”

The acquisition was financed with a mortgage originated by Justin Nelson of Walker & Dunlop.

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CARY, NC – KETTLER and Pacific Life closed on acquiring The Aster located in Cary, North Carolina. The Aster is currently in lease-up with a mix of residential units, including 49 townhomes, 238 manor style apartments, and 206 garden style apartments. The Aster is located approximately 7 minutes from Research Triangle Park (RTP) and approximately 15 minutes from the Raleigh-Durham International Airport. 

The property features impressive lifestyle amenities including a golf simulator, putting green, outdoor fire pit, hammock courtyard, three pools, game room, theatre room, bike workshop, pet parlor, and an expansive wellness center and trail network.

“Cary, North Carolina is a booming creative class market and we are excited to invest in such a dynamic growth area,” said Bob Kettler, Founder and CEO of KETTLER. “A new property as unique as The Aster is the perfect fit for us, especially as KETTLER is strategically focused on expanding into the southeast.”

“We are excited to buy such a high quality asset in the affluent submarket of Cary,” said Luke Davis, Executive VP of Real Estate Investments at KETTLER. “We want to extend our gratitude to investment partner Pacific Life, as well as to Andrea Howard of JLL for her help with the transaction.”

The Aster is the only property in the Research Triangle Area to offer three different residential styles: townhome, manor and walk-up. The combination of residential options appeals to a wide base of renters, ranging from millennials to empty nesters. The property is adjacent to one of only six Whole Foods locations in the Triangle and is within the Wake County Public School System, one of the top performing public school systems in the region.

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