Skyline Continues its Buying Spree

by J. K. Dineen on July 13, 2007

ED. NOTE: The following appears in today’s San Francisco Business Times. For more information about Skyline Realty, click here.

Embattled San Francisco apartment kingpins Frank and Walter Lembi went on another spending spree in April and May, shelling out about $200 million for another 27 multi-family buildings, according to data culled from reports from the Old Republic Title Co.

With the latest acquisitions, the Lembi family, which operates CitiApartments and Skyline Realty, added 593 apartments to its portfolio, which is approaching 7,000 units. In May, the Lembis snapped up 14 buildings with 332 units, and took out loans worth $106.9 million from CitiGroup and the Nomura Group. In April, the landlord soaked up 13 buildings totalling 261 units and borrowed $94.2 million, in three seperate loans, from UBS. Various limited liabilities companies controlled by the Lembis now own at least 6,800 apartments in the city.

The buildings purchased in April and May include 62 units at 50 Laguna St., 55 units at 512 Van Ness Ave., 47 units at 750 O¹Farrell, and 39 units at 3440 20th St. The Lembis bought buildings in Noe Valley, the Mission, Pacific Heights, the Western Addition, the Tenderloin, the Sunset District. The properties were bought by various liability entities with the 2099 Market St. address of CitiApartments.

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