One apartment building in San Francisco, California, has lost 48% of its value across five years.
The commercial mortgage-backed securities loan for NEMA San Francisco decreased for the second time. While the 2018 value was $543.6 million, the current loan is down to $279 million, according to Trepp Wire.
STIMULUS UPDATE: DEADLINE TO FILE TAXES FOR REBATE OF UP TO $400 IN VIRGINIA IN 10 DAYS
The building is only turning ten years old this year and is located along 10th street in the city, near where X, formerly known as Twitter, and Uber have their headquarters. NEMA totes 754 units across 37 floors. There are several above-ground terraces that feature fire pits, a pool, a gym, a studio with skylights, and spa suites for residents and their pets.
Currently, the building is owned by Crescent Heights, a real estate investment company that has been buying other NEMA-style buildings in Chicago, Boston, Miami, and other cities. NEMA is marketed as a “lifestyle apartment brand.” Two of its buildings were acquired within the last four years.
“Established in 2013, NEMA San Francisco is the original luxury lifestyle pioneer that sparked an exciting shift in the San Francisco rental market with its unprecedented array of hospitality-style amenities and services,” Crescent Heights wrote on its website. “The building was fully leased at a record pace, catalyzing the Mid-Market neighborhood transformation.”
CLICK HERE TO READ MORE FROM THE WASHINGTON EXAMINER
It is not clear what the price of rent at the NEMA San Francisco is.
Inbound moves to San Francisco have stagnated in the last couple of years, with a rate of 49.5%. In 2019, the rate was 54%, per the National Association of Realtors. California’s inbound moves did not outpace its outbound ones, as the state lost 0.3% of its population in 2022.
