Lembi’s New Year’s Resolution: Give Back
San Francisco’s largest residential landlord, a voracious acquirer of properties during the boom, has deeded 51 of its apartment buildings back to lender UBS.
On Dec. 29, Trophy Properties, one of the limited liability corporations the Lembi Group operates, filed a “deed in lieu of foreclosure” on 20 properties. On Jan. 12, another 31 properties were given back to REF SF Properties, a company UBS set up to hold the assets. The portfolio the Lembi Group gave back included about 1,500 apartments, most of which are located in Lower Pacific Heights, Nob Hill, Russian Hill, the Marina, the Tenderloin and the Western Addition.
[Update: You can find the list of 51 properties by Clicking Here.]
–Lembi gives 51 buildings back to UBS [SF Business Times]