12-story apartment building overlooking Cheesman Park sells for $30M

1177 Race St

The apartment complex at 1177 Race St. sold for $30 million. (Unique Properties)

An apartment building along the eastern edge of Cheesman Park has sold for the first time in 42 years.

1177 Race Street LLC paid $30 million last week for the The Park Cheesman Apartments at 1177 Race St., according to public records.

The 12-story property has 88 units, making the deal worth $340,909 a unit. It was 98 percent occupied at the time of sale.

The complex was built in 1970, according to property records.

Brokers Marc Lippitt and Justin Herman of Unique Properties represented the seller. The firm described the buyer as a Los Angeles-based multi-family office acquiring properties across the Midwest and West Coast.

The property was sold by Park Cheesman Apartments LP. William Lachman signed the sale paperwork on behalf of the entity.

1177 Race St

The apartment…

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