The developer of the mid-Market apartment building everyone loves to hate, Nema, looks to be selling a "minority stake" in the complex just two years after it was completed (and before parts of it, like Suvir Saran's new restaurant American Masala, are even open). As the Business Times is reporting, Crescent Heights, which made a good bet when they began construction on the upscale rental building back in 2010 before Twitter had even moved in next door, is looking to cash in by selling Nema, or some portion of it, to another company, though Crescent Heights is currently saying they only want to sell a 20 percent stake.
Does Crescent Heights feel a bubble about to burst, perhaps?
Calling itself a "design-driven lifestyle pioneer," the building was built for $300 million and is likely already worth quite a bit more. Do note that studios there are currently renting for $3,200 and up.
And Crescent Heights has made some savvy deals in recent months, selling a development site at 325 Fremont for six times what they paid for it, $35 million. They're also under construction on a similar (and similarly heavily branded) apartment complex called Jasper, in SoMa. It has its own marketing video already, featuring a cute young girl who shouts, "It's like when you saw Star Wars for the first time. It's going to change everything. It's going to be a heck of a place to call home." See below.
For that and $6,000 I've got an apartment in the Mission to show you too.