investors spend a record $77 billion<\/a> on rental properties in just six months in the end of 2020 and first half of 2021, according to Redfin. Yet the city has a unique combination of factors that has made it especially difficult for mom and pop owners to compete, including a rental and commercial market that dropped substantially during the pandemic and still hasn\u2019t recovered, making San Francisco an outlier where multifamily properties are trading for less than they were in early 2020. <\/p>\n\n\n\n\u201cPrivate money is still very frightened,\u201d said Ramon Kochavi, regional manager of Marcus and Millichap in San Francisco. \u201cThe smart money is already back, up and running.\u201d <\/p>\n\n\n\n
Small buyers are still out there, but they\u2019re only interested in updated, filled buildings in popular neighborhoods, he said. They won\u2019t be able to outbid larger groups to take advantage of the down market and get into a bigger building. <\/p>\n\n\n\n
\u201cAnything over 10 to 12 units won\u2019t be bought by another mom and pop,\u201d said Marcus & Millichap\u2019s Clinton Textor. He estimated that each year about 35 such buildings out of approximately 2,000 citywide change from family owners to corporate investors.<\/p>\n\n\n\n
A specialty case <\/p>\n\n\n\n
Rents rose in most U.S. cities last year, pushing investment interest in the rental sector even higher. After a \u201chistoric level of trading activity\u201d in the national rental market in 2021, the average price per unit was up 9 percent to over $180,000, according to a recent report by Marcus & Millichap. <\/p>\n\n\n\n
But after enjoying some of the highest occupancies in the country for years, San Francisco\u2019s vacancy rates climbed as high as 10 percent, according to the report, which called the city a specialty case \u201cin a league of its own\u201d outside the rest of the country\u2019s upwards rental trends. Younger tenants most likely to be paying market rents fled the city for more space and a lower cost of living, Kovachi said, leaving behind only rent-controlled tenants or those looking for better deals. <\/p>\n\n\n\n
\u201cWe see rent rolls that will turn your head,\u201d he said.<\/p>\n\n\n\nThough interest is up since vaccines rolled out in the spring, rents were down 25 percent at the worst of the downturn and are still well below pre-pandemic figures. Commercial rents were also down, with many ground-floor businesses shuttering. <\/p>\n\n\n\n
National institutional investors have been very interested in the single-family-home rental market, but demand for these limited homes has skyrocketed during the pandemic and most are far too expensive to attract investor interest in San Francisco. Even smaller buildings don\u2019t pencil out for most institutional buyers, who are targeting those with at least 12 units, said Stephen Pugh, president of Compass Commercial California. <\/p>\n\n\n\n
\u201cThey\u2019re like the square box, square peg for the private equity groups,\u201d he said.<\/p>\n\n\n\n
With smaller owners largely on the sidelines, and only a limited number of larger buildings to attract institutional interest, the apartment sales market in San Francisco fell by all major indicators. <\/p>\n\n\n\n
There were 183 apartment transactions over the 12 months beginning in the third quarter of 2020, compared with 431 in 2019, according to Marcus & Millichap data. The average price per unit dropped 9 percent to just over $410,000 during that same time.<\/p>\n\n\n\n
The overall dollar volume of apartment deals in San Francisco was about $1.4 billion between the third quarter of 2020 and the third quarter of 2021, almost 60 percent below pre-pandemic volume. <\/p>\n\n\n\n
Tenants get picky <\/p>\n\n\n\n
Agents say buildings in the city\u2019s northern neighborhoods have held their value best through the downturn, as renters looking to upgrade took the opportunity to move to formerly out-of-reach neighborhoods like the Marina, Russian Hill and Pacific Heights. Without a return to offices, it has proven harder to fill vacancies in the downtown core, where legacy buildings have to compete with new developments that have all the upgrades today\u2019s selective tenants want. <\/p>\n\n\n\n
Compass listed a 60-unit brick building near downtown on Market Street with more than 40,000 square feet of commercial and residential space for $28.5 million in June 2020. Despite the $2 million in upgrades needed on the century-old, maintenance-deferred building, Pugh said before the pandemic it could have pulled in that amount. But then residential tenants started leaving, and three out of six of the ground-floor retail spaces went under. Banks became unwilling to lend money on the property. <\/p>\n\n\n\n
\u201cIt was hit after hit after hit,\u201d Pugh said. The building, which had been family-owned for decades, finally sold for $12 million below its original asking price in September 2021 to \u201cone of the biggest private equity-funded groups in the city.\u201d <\/p>\n\n\n\n
\u201cThey were the only ones who could stomach purchasing it and repositioning it because anyone outside of that arena couldn\u2019t make it work,\u201d he said. <\/p>\n\n\n\nNo one wants to sell in a down market, and for the most part larger owners and institutions have been buying without selling their existing properties, agents say. They are strong in their convictions that the rental market will eventually make a comeback and they also have the estimated $50,000 to $100,000 per unit on hand to make the improvements tenants can now demand, like in-unit washers and dryers, built-in office nooks and high-end kitchens and bathrooms. <\/p>\n\n\n\n
As with the Market Street property, whose original owner died and whose heirs had neither the resources nor the desire to be landlords in San Francisco, smaller owners are much more likely to be affected by a personal or financial crisis that makes maintaining an aging property in a rent-controlled city untenable. <\/p>\n\n\n\n
\u2018Vilified\u2019 landlords<\/p>\n\n\n\n
In the city\u2019s popular Lower Haight neighborhood, Textor of Marcus & Millichap listed a 12-building portfolio last year after its original owner died and the longtime manager retired. The buildings had been in the family since the 1950s, but with many tenants paying well below market rate, several vacancies and looming mandatory seismic retrofits, the over-60-person family ownership group wanted to sell, regardless of the down market. <\/p>\n\n\n\n
Textor listed adjoining 11- and 12-unit, mixed-use properties along Lower Haight\u2019s commercial corridor for $6.3 million in January 2021. They finally sold for $1 million less in December to a large local owner with its own property management company that also picked up several of the family\u2019s other nearby properties.<\/p>\n\n\n\n
As a small rental owner himself, Textor said he understands why so many of his mom and pop clients, or their children, are eager to get rid of properties they may have held onto for decades, especially after the original owner passes away and their \u201cknow-how\u201d goes with them. <\/p>\n\n\n\n
With rents down, many can\u2019t afford to hire a property manager, who typically charges 5 percent of rents, and it seems impossible to keep up in a city that is constantly adding new rental protections and regulations.<\/p>\n\n\n\n
\u201cSan Francisco\u2019s political solution to the housing crisis is to blame everything on greedy landlords,\u201d Textor said. \u201cIt\u2019s not terribly easy to own rental property and you\u2019re vilified.\u201d <\/p>\n\n\n\n
While some family-run rental housing providers are getting out of San Francisco, others have decided that the best way forward is to join forces with outside investors. <\/p>\n\n\n\n
A patriarch\u2019s legacy<\/p>\n\n\n\n
Mosser Companies is an institutionally-backed rental housing owner and manager, and one of San Francisco\u2019s top-five biggest landlords with over 4,000 units \u2014 mostly in the city, but also in Oakland and Los Angeles. <\/p>\n\n\n\n
It started as the singular vision of Charles Mosser, who purchased his first run-down rental property in the city\u2019s Western Addition neighborhood in the 1960s. He spent decades buying and operating multifamily properties, particularly targeting those in need of capital improvements that could boost their often-low-income neighborhoods, according to his son Neveo. <\/p>\n\n\n\n
He started working for his father\u2019s company as a janitor in the 1980s and had held \u201calmost every job\u201d there before becoming its CEO in 2000. It took some \u201csoul searching\u201d to move from a family-owned company to one that was funded by investors, Mosser said. <\/p>\n\n\n\n
Ultimately, after his father died in 2008, the family agreed that the best way to continue its patriarch\u2019s vision of \u201cbenevolent capitalism\u201d was to seek outside investment to expand the business rather than \u201cbe lazy\u201d and just let the rent checks roll in. <\/p>\n\n\n\n
\u201cWe just felt that we had a great opportunity to continue his legacy and his goals, which are our goals, and continue to provide good services and be stewards of the community,\u201d he said. <\/p>\n\n\n\n
The largely African-American and woman-owned company had been able to grow on its own in the past. But as the financial crisis coincided with his father\u2019s death, Mosser said he looked at the success that other rental operators had expanding rapidly after they \u201cmade the jump\u201d to investor partnership around the same time. He thought his family\u2019s company could do the same, but with a better outcome for the city. <\/p>\n\n\n\n
\u201cWe have local operators who have roots in a community buying into these properties, as compared to just some large institutional group that wants to come in and engulf and devour everything and has no care for its tenants or the neighborhood,\u201d he said. \u201cI think that\u2019s one of the things that\u2019s continued to set us apart from many of our peers.\u201d <\/p>\n\n\n\n
The local connection is also a selling point to backers, according to Jim Farris, CEO of Mosser\u2019s investment management arm. <\/p>\n\n\n\n
\u201cWe\u2019re invested for the long-term and understand how to operate within the systems here,\u201d he said via email. \u201cI think this is our advantage. When we work with investors \u2014 they know that Mosser will invest with deeply set values.\u201d<\/p>\n\n\n\n
The extra backing has allowed the company to \u201cweather the storm\u201d of the last two years, according to Mosser, who said he feels for the smaller owner-operators who couldn\u2019t withstand months of unpaid rents during the city\u2019s eviction moratorium and lost their buildings before rent relief started rolling in this past spring. With its outside investors, plus rent relief and PPP loans, Mosser was able to keep all 280 employees on staff, renovate vacant units and provide tenants with hard-to-find items like toilet paper in the early days of the pandemic, he said. <\/p>\n\n\n\n
Now that the worst seems to be over, Mosser has also started buying properties, adding 17 buildings to its portfolio in the last six months of 2021. He agreed with the agents that the Northern neighborhoods have a lot of appeal right now, but he didn\u2019t rule out further investment in the hard-hit Tenderloin, where Mayor London Breed recently declared a state of emergency due to drug overdoses and the homelessness crisis. <\/p>\n\n\n\n
The company already has significant holdings in the neighborhood, and last fall it sponsored a mural painting on the side of its 16-story Mosser Towers featuring a tribute to a Tenderloin-born visual artist. It also partnered with Urban Alchemy, a company that hires former prisoners to provide security and cleaning services to underserved neighborhoods. <\/p>\n\n\n\n
Smaller owner-operators like Textor and Wasserman, who bought his first property in the 1990s with an inheritance from his grandmother and now has more than 100 units in 11 buildings, take a dim view of the prospects for individuals trying to break into the rental market today. <\/p>\n\n\n\n
Even though he\u2019s established \u2014 and a landlord attorney to boot \u2014 Wasserman said he hasn\u2019t been able to buy any new buildings recently, though he\u2019s always looking.<\/p>\n\n\n\n
\u201cI\u2019m a glutton for punishment,\u201d he said.<\/p>\n\n\n\n
But Mosser pointed out that the majority of San Francisco multifamily properties are still under private ownership, and calls institutional capital\u2019s role \u201cvery, very small\u201d compared to other larger cities. He said there are still chances for someone like his father, who grew up \u201cdirt poor\u201d during the Depression, to succeed.<\/p>\n\n\n\n
\u201cCities change over the years but the core values of San Francisco still exist and the core opportunities in San Francisco still exist,\u201d he said. \u201cSo I think with hard work, tenacity and grit, the same thing can happen again and it does happen, even these days.\u201d<\/p>\n","protected":false},"excerpt":{"rendered":"
Posted by wasserman Why \u201csmart money\u201d is chasing San Francisco apartments Rent slump provides institutional investors the chance to buy out struggling mom and pop landlords When David Wasserman first started working as a San Francisco landlord attorney in the mid-1990s, his clients often had blue-collar day jobs as plumbers or garbage collectors. Most likely […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[5],"tags":[],"yoast_head":"\n
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