GTIS Partners and GreyBrick Partners Acquire 67-Unit The Wilson in San Francisco SoMa

GTIS Partners and GreyBrick Partners announced the acquisition of The Wilson, a 67-unit multifamily property at 973 Market Street in San Francisco's SoMa neighborhood. According to the companies, this represents the ninth acquisition by their strategic joint venture formed to acquire and reposition small-scale multifamily properties in downtown San Francisco neighborhoods.

The venture was established to acquire what the firms described as well-located multifamily assets at what they view as an attractive point in San Francisco's market cycle. The companies stated that San Francisco offers apartment fundamentals that continue to improve, new multifamily supply that remains historically constrained, and demand increasingly supported by the city's expanding artificial intelligence ecosystem and growing return-to-office trends.

The Wilson was originally designed by San Francisco architects Percy and Polk in 1904. The property was comprehensively redeveloped in 2014 into a modern residential community while preserving its historic character, according to the release. The 7-story property features 67 apartments above approximately 2,000 square feet of ground-floor retail space.

Amenities include a rooftop terrace with outdoor kitchen and lounge, fitness center, resident clubhouse and co-working space, bicycle storage, package room, dog run, and building-wide Wi-Fi.

The property is located along Market Street between 5th and 6th Streets, with access to Powell Street BART and Muni stations. The location is within walking distance of employment centers, entertainment venues and retail destinations, the companies stated.

The partners plan to execute a capital improvement program focused on enhancing common areas, modernizing select building systems, and repositioning the vacant ground-floor retail space with a neighborhood-serving tenant.

Tom Feldstein, General Counsel and Chief Operating Officer of GTIS Partners, said, "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."

Bryan Baskin, Co-Founder of GreyBrick Partners, said, "The Wilson exemplifies the type of opportunity our team has focused on for more than a decade."

To date, the venture has acquired 193 units across 9 multifamily buildings, combining GTIS' institutional investment platform with GreyBrick's local acquisition, leasing, and asset management expertise.