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January 08, 2016

44-Unit Hayward Apartment Complex Sells for $6.95MM

The Registry San Francisco

Plaza Verde, a 44-unit multifamily complex located at 550 Berry Avenue in Hayward, California has been purchased by 29th Street Capital, a privately held real estate investment firm with offices in San Francisco and Chicago for $6.95 million, or nearly $158,000 per unit, according to public documents. The seller was a private family trust.

The transaction was brokered by Kidder Mathews' multifamily broker, Matthew Clark, who works out of the firm' Redwood Shores office. "Plaza Verde apartments represents a unique opportunity to take an older asset and renovate it," said Clark in a statement. The transaction closed mid December of last year.

Employment growth continues to drive housing demand across the region and now especially in Hayward and surrounding markets like Oakland, Fremont, Milpitas, San Mateo and Southern Alameda County.

According to a recent report from Marcus & Millichap, the San Leandro/Hayward market saw a transaction volume of approximately $64 million in the last 12 months, during which 348 units were sold at an average price per unit of $183,971. This ranks the submarket at the lower end of the scale of the western part of the East Bay. Another recent transaction in Castro Valley saw a 30-unit Venture Apartments complex at 20433 John Dr. trade for $7.66 million, or $255,333 per unit.

The Hayward submarket has seen more industrial transactions in the recent past, however the market' proximity to major East-West and North-South thoroughfares make this a desirable geography.

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