A rare survivor of San Francisco's 1906 earthquake has changed hands. New York-based GTIS Partners and San Francisco's own GreyBrick Partners have jointly purchased The Wilson, a 67-unit apartment building on Market Street in the city's Mid-Market district, paying $19 million — roughly $284,000 per unit.
The price came in well below the estimated $23 million that seller Raintree Partners invested in acquiring and converting the property into residential lofts. Raintree originally bought the seven-story building in 2012 for $6.75 million, at a time when city leaders were offering tax breaks and zoning incentives to attract tech firms and developers to the long-struggling stretch of Market Street.
Built to Withstand Disaster
Records compiled by Heritage Consulting Group, hired by Raintree to secure a historic tax credit for the project, trace the building's origins to 1901, when builder Emily J. Wilson completed construction and the John Breuner Furniture Co. moved in as its first tenant. Fire swept through the interior in the aftermath of the 1906 earthquake, but the structure's steel frame, wrapped in fireproof terra cotta and masonry, held firm.
From Furniture Showroom to Loft Apartments
Over the following century, the building housed a rotating mix of tenants, from piano dealers to dental offices, before the dot-com bust of the early 2000s left its upper floors vacant for years. Raintree launched a $17 million renovation in 2014, restoring the building's colorful terra cotta facade — inspired by Italy's sixth-century Basilica of San Vitale — along with a historic interior staircase, and converting the space into loft-style apartments.
Signs of a Neighborhood on the Rebound
The pandemic hit Mid-Market especially hard, driving out tech tenants like Twitter and Zendesk. But the neighborhood appears to be turning a corner: office vacancy in the area has fallen from more than 30 percent to around 23 percent over the past year, and plans are underway to revive Market Street's once-lively theater district.
GTIS and GreyBrick describe the purchase as part of a broader strategy to acquire small multifamily properties in in-demand downtown neighborhoods — their ninth such deal together. GTIS Chief Operating Officer Tom Feldstein pointed to job growth, rising office use, and a tight supply of available units, calling San Francisco "one of the country's most compelling multifamily markets."
Modern Amenities Meet Historic Character
The Wilson's current offerings include a rooftop terrace with an outdoor kitchen and lounge area, a fitness center, a resident clubhouse, and co-working space. The building sits on Market Street between Fifth and Sixth streets, close to the shuttered San Francisco Centre mall, whose potential redevelopment could reshape the surrounding blocks, as well as public transit, the Financial District, City Hall, and the Union Square shopping corridor.
A Tightening Rental Market
San Francisco rents have climbed sharply over the past year amid the artificial intelligence boom, with average asking rents reaching $3,690 a month in June — more than double the national average — while citywide multifamily vacancy has dropped to record lows.
What's Next for The Wilson
The new ownership group has outlined plans for a targeted capital improvement program aimed at upgrading the building's common areas, along with a search for a retail tenant that complements the surrounding neighborhood to fill the vacant ground-floor space.
