From SF Business Times:
Klingbeil Capital latest to feast on Lembi holdings
Klingbeil Capital Management has joined the growing cadre of private real estate investment firms taking advantage of the dramatic implosion of the Lembi family’s apartment empire. The Washington D.C.-based owner paid $10 million for three San Francisco buildings previously owned by the Lembi Group, which has lost thousands of units to foreclosure over the past 18 months.
Klingbeil Capital Management purchased the 41-unit 646 Corbett St. in Twin Peaks for $6 million, and the 35-unit 620 Eddy St. in the Tenderloin for $2.6 million. The third building, the 19-unit 1082 Post St., was not disclosed, although it had been marketed just under $2 million.
The buildings at 646 Corbett St. and 620 Eddy St. were still owned by the Lembis, but sold in cooperation with the lender, Resource RE. The building at 1082 Post St. was among the 50-plus buildings the Lembis gave back to the Swiss Bank UBS in lieu of foreclosure.
Stephen Pugh and Mark Bonn of Alain Pinel Investment Group represented the sellers.