The Lembi family, slum lords owners of Skyline Realty, Citiapartments, and sundry other subsidiaries, has put 17 buildings' worth of the 7,500 units owned across the city on the block for a combined $112 million; listings include 1330 Bush Street at $39.9 million, and 500 Larkin Street at $11.2 million. Though the Lembi's have been on the buying end of things for for years now, such a sale is mere child's play for the rental moguls; they've invested more than $1 billion in San Francisco real estate since 2005. Citiapartments and Skyline Realty have received, shall we say, mixed reviews in recent years (to put it kindly), with spurned former and would-be tenants, and the city, claiming all shades of wrongdoing— from racism and classism, to property neglect, intimidation, and forced evictions as formerly rent-controlled buildings are scooped up and renovated. So, um ... folks on Bush and Larkin Streets? Guess you've been warned (we type, with sympathy).
· Lembis end apartment buying spree [SF Business Times]
[Image, ironically enough, courtesy Citiapartments]
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