Equity Residential Buys SoMa Site for Micro-Unit Development
Micro units, ultra-small apartments that cater to young professionals who spend most of their time away from home, are coming to SoMa in San Francisco. Equity Residential, one of commercial real estate’s largest multifamily landlords, recently completed the acquisition of three parcels in the neighborhood to make way for a 250-unit, 13-story tower.
Sixty micro units, ranging from 290 to 408 square feet, will be available. The entire project will cost about $71 million to develop, and Equity Residential reportedly paid $140 per buildable square foot for the site.
Chris Foley, a principal at Polaris Pacific, brokered the deal between Equity and the five landowners from which the firm bought the property.