Thursday, May 19, 2011

IPA Brokers $38 Million Sale of San Francisco Bay Area Apartment Complex

 UNION CITY, CA – Institutional Property Advisors (IPA), a boutique brokerage platform serving the needs of institutional and major private investors, has arranged the sale of Greenhaven Apartment Homes (top left photo), a 250-unit apartment community in Union City. The sale price of $38 million represents $152,000 per unit and $196 per square foot.

The IPA brokerage team of Stan Jones  (top right photo), executive vice president investments, Sal Saglimbeni (middle left photo) associate vice president investments and Phil Saglimbeni (bottom right photo), associate vice president investments, represented the seller, Equity Residential. The buyer was Interstate Equities Corp. IPA is a division of Marcus & Millichap Real Estate Investment Services.

“The area's limited multifamily construction pipeline, along with the resumption of job growth, will reinforce the current recovery in apartment operations,” says Jones. “Greenhaven should experience solid NOI growth as a result.”

 “Greenhaven’s central location is a key component of it attractiveness,” adds Sal Saglimbeni. “The property is ideally situated near major Bay Area employment hubs, including the Peninsula, Silicon Valley, Oakland and the 680 Corridor.”   

Located at 31770 Alvarado Blvd., the 193,560-square foot property is just north of the Fremont city border, near major transportation corridors, including State Route 84, State Route 92, Interstates 880, 238 and 580, Bay Area Rapid Transit (BART) and Amtrak.

Union Landing, the city’s main retail hub, is located less than a mile from the property and hosts more than 100 acres of retail, entertainment and dining, including Century 25 Theatres, Best Buy, Lowe’s, Lucky, Walmart, Office Max and Petco.

 Greenhaven Apartment Homes includes 102 one-bedroom/one-bath units, 48 two-bedroom/one-bath units, 80 two-bedroom/two-bath apartments and 20 three-bedroom/1.5 bath apartment homes. The average home size is approximately 774 square feet.

Contact: Stacey Corso, Public Relations Manager, (925) 953-1716

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