Apartment Building Sale Case Studies

Apartment building sales, start to finish

Every sale is different. These case studies tell the story behind a few of Philip Batlin's sales: who the owner was, why they sold, what we did and how it turned out. Philip has been with Marcus & Millichap since 2009 and has closed more than 175 transactions, including Bay Area apartment sales involving more than 1,000 units.

1159 and 1067 Union Street, Russian Hill: chosen over 15 brokers by a family selling after 50 years

11 units in two buildings | Sold August 2026 | $6,250,000 combined | Represented the seller and procured the buyer

One family had owned both of these Russian Hill buildings for more than 50 years, across multiple generations. Neither had been on the market in all that time. When the family decided to sell, they ran a careful selection process and interviewed more than 15 brokers. They chose Philip and his team.

The buildings: both are rent controlled and sit on Russian Hill, one of the most desirable neighborhoods in San Francisco. 1159 to 1169 Union Street has six two bedroom flats, upper floor views of the Golden Gate Bridge and the Hyde Street cable car half a block away. 1067 to 1071 Union Street has five two bedroom units in two buildings with frontage on Union Street and Macondray Lane. Together they have nine garage spaces. Buyers saw large units, views and room for rents to grow, but above all they were buying the location.

What we did: Philip and his team marketed the buildings both individually and as a portfolio, and brought in multiple offers on each. With competing buyers on both properties, the family had real options. They chose to sell both buildings together to one buyer, which gave them a single, clean closing on a portfolio they had held for half a century.

The result: $6,250,000 for the two buildings, with multiple offers on each.

Philip Batlin and Clinton Textor of Marcus & Millichap represented the seller and the buyer.

Why it matters for owners: a long term family owner is selling more than a building. They want the right price, a smooth process and a broker they trust to treat the family well. After interviewing more than 15 brokers, this family chose Philip.

In the news: Connect CRE and Yield PRO and REBusinessOnline.

395 Euclid Avenue, Laurel Heights: the same building, sold twice

18 units | Sold July 2026 | $8,600,000 | About $477,800 per unit | Off market | Represented the seller and procured the buyer

In 2024, Philip and his team sold 395 Euclid Avenue for $5,675,000 on behalf of a family trust that had owned it for more than 40 years. It was the first time the building had been on the market in four decades, and Philip represented both the seller and the buyer, an investor. Two years later that same investor called Philip to sell it.

The building: apartment buildings of this size rarely come up for sale in Laurel Heights. 395 Euclid has 18 one bedroom units and something most San Francisco buildings don't: secure garage parking for every unit, plus potential to add an ADU. It sits next to Laurel Village, near the Presidio and the University of San Francisco.

The plan: 395 Euclid is a rent controlled building. During the investor's ownership some units turned over, and five were fully renovated to modern standards with in unit washers and dryers, bringing rents up. The building also has a new roof, an upgraded fire alarm system and completed seismic retrofit work. By 2026 the owner had added real value and could see the market shifting, so they decided it was the right time to sell.

What we did: Philip sold the building entirely off market, matching it directly with a buyer instead of running a public listing. He represented both sides again, which kept the process simple and the timeline short.

The result: the building sold for $8,600,000, about $477,800 per unit, in a quick, smooth off market sale for the seller.

Why it matters for owners: Philip found this owner the building, and two years later the owner trusted him to sell it. If you've added value through renovations and rent growth, an off market sale to the right buyer can capture it without the time and exposure of a public listing.

In the news: Yield PRO (2026 sale) and Connect CRE (2024 sale).

3752 and 3762 to 3770 Rolison Road, Redwood City: multiple offers and a sale above the asking price

55 units in two buildings | Sold December 2016 | $17,125,000 | About $311,400 per unit | Represented the seller and procured the buyer

Atherton Court Apartments is a 55 unit community in Redwood City, built in 1961 on two adjoining parcels: a 30 unit building at 3762 to 3770 Rolison Road and a 25 unit building at 3752 Rolison Road, close to Highway 101 and Interstate 280. The seller was a private investor who had worked with Philip and Taylor Flynn of Marcus & Millichap many times before. This was the seventh sale they completed for that client in 12 months.

What we did: Philip and Taylor marketed the property to both institutional and private buyers. The process produced multiple offers.

The result: Atherton Court sold for $17,125,000, about $311,400 per unit, above the listing price. The buyer was a nonprofit corporation.

Why it matters for owners: a seller who trusts you with seven sales in a year is the best reference there is. Larger Peninsula properties draw interest from very different kinds of buyers, and reaching all of them is what creates competing offers.

In the news: Multi-Housing News and REBusinessOnline.

474 Matadero Avenue, Palo Alto: bought through Philip, sold through Philip 11 years later

4 units | Sold May 2025 | $2,700,000 | $675,000 per unit | Represented the seller

In 2014, Philip helped a first time multifamily buyer purchase 474 Matadero Avenue, a four unit building in a great Palo Alto location. Eleven years later, when that same owner decided to sell, he called Philip again.

What the owner did: over his years of ownership he improved the building, including upgrading the electrical and renovating one of the one bedroom units down to the studs, adding an in unit washer and dryer.

What we did: Philip marketed the building on the open market, putting the renovated unit and the Palo Alto location in front of the full buyer pool.

The result: the building sold for $2,700,000, or $675,000 per unit.

Why it matters for owners: Philip has been there for the whole life of the investment. He helped a first time buyer get into his first apartment building, and more than a decade later that owner trusted him to sell it.

30 Kent Court, Daly City: from 19 tenants to two national tenants

19 units | Sold June 2022 | Represented the seller, then the buyer on two replacement properties

After more than 40 years owning and managing apartment buildings, this couple was ready to step back. Philip Batlin and Sam Runco sold 30 Kent Court, their 19 unit building in Daly City built in 1971, off market and in as is condition. In a 1031 exchange, they wanted solid triple net properties with strong credit tenants in great locations. Philip and Sam found them two newly built restaurants, also off market, a Chipotle and a Chick-fil-A in Arkansas, on absolute NNN leases with a 9% rent increase every five years. The tenants pay taxes, insurance and maintenance. The owners deferred their capital gains tax and kept their income without the management.

Read the owners’ letter about working with Philip

1000 Kirkham Street, Inner Sunset: a probate sale confirmed with no overbid

6 units | Sold April 2016 | $2,244,100 | Represented the estate and the buyer

The situation: the executor of an estate needed to sell a 6 unit apartment building in the Inner Sunset for two heirs. As a probate sale, it required court confirmation.

What we did: Philip Batlin listed the building publicly to the full buyer pool so the price would hold up in court. The listing drew three offers.

The result: Philip represented both the estate and the buyer, a local investor. The court confirmed the sale with no overbid, and the process took about three to four months from listing to closing, court confirmation included. Sold April 2016 for $2,244,100.

Selling a building held in a trust or estate? Read how we help trustees, heirs and executors

537 and 674 Grand Avenue, South San Francisco: the same buildings, sold twice

Two 7 unit buildings | Sold 2016, then again in 2019 and 2020 | Represented both sides in 2016, then the seller

In 2016 Philip Batlin and Sam Runco sold four apartment buildings on Grand Avenue for a longtime owner who was trading into a net leased Walgreens through a 1031 exchange. They represented both sides, and the buyer of 537 and 674 Grand, two 7 unit buildings, was an investor Philip brought to the deal. The investor renovated both buildings, then came back to Philip to sell them: 674 Grand in October 2019 and 537 Grand in March 2020.

See the Walgreens 1031 exchange

621 Wessex Way, Belmont: seller financing instead of a 1031 exchange

8 unit building | Sold March 2019 | Represented both sides

The owners of this 8 unit building in Belmont didn't want a large tax bill at closing, and they didn't want to take on another property through a 1031 exchange. Philip Batlin structured the sale with seller financing instead. The buyer put down a smaller down payment, and the sellers carried the rest as an interest only loan secured by the property, with the full balance due as a balloon payment at the end of the term. The sellers collect monthly interest income, and their capital gains tax is spread out instead of being due all at once at closing. Philip represented both the seller and the buyer and negotiated the financing terms. The sale closed in March 2019 at $4,470,000.

See the 621 Wessex Way sold page

A first time apartment buyer, four San Francisco buildings in one year

48 units in four buildings | Bought 2021 | Represented the buyer, then both sides on the 2025 sale of 3548 Pierce

In 2021, with San Francisco vacancy at a pandemic high, an experienced real estate owner with a construction background came to Philip Batlin to buy his first apartment buildings, using proceeds from several 1031 exchanges. He wanted vacancy, because empty units meant he could renovate. Philip found him 1580 and 1601 Beach Street and 3548 Pierce Street in April, then 3210 Gough Street in December, 48 units in all. He renovated the vacant units to condo quality and now rents them at the top of the market. At 3548 Pierce the work took several years. He upgraded the electrical, replaced the entire heating system and completed a seismic retrofit, and the building had ADU potential for a seventh unit. In 2025 he sold 3548 Pierce with Philip, who represented both sides.

Thinking about selling your building?

Every owner's situation is different. Call Philip Batlin at (415) 625-2189 or request a confidential valuation. You can also browse sold properties or see our work in San Francisco, San Mateo County, Santa Clara County and the East Bay.