7 April 2017
Reporter: Katherine Brown

Joint venture snaps up San Leandro apartments for $36.6 million

Trion Properties and DVO Real Estate have acquired Bel Brook and Hideaway apartments in San Leandro, California, for $36.6 million.

The joint venture purchased the 146-unit residential property, located at at 77-85 Estabrook Street in East Bay, from the John Sullins family.

Currently 94 percent occupied, the property is within walking distance to a Bay Area Rapid Transit station and a mile away from the San Leandro Technology Campus, a 750,000-square foot mixed-use development, expected to bring 1,800 tech jobs to the area.

Technology giant Tesla currently resides in the area, while Uber is planning to move its corporate headquarters to Oakland.

According to the joint venture, plans to modernise the property, built in 1967, include interior and exterior renovations including to bring it up to market rents and increase net operating income.

This is Trion Properties’s fourth Bay Area acquisition in less than 15 months.

Max Sharkansky, managing partner at Trion Properties, said: “San Leandro is thriving and experiencing tremendous revitalisation, making it poised for long-term growth and investment potential. The enormous job growth throughout this region is driving demand for quality housing located in close proximity to transit options and major employers.”

He added: “Ultimately, this acquisition is well aligned with our strategy of targeting well-located assets with strong value-add potential, then investing in strategic renovations to enhance asset quality and drive long-term value.”

The purchase was financed by Continental Partners through NXT Capital, with John Leyvas Jr. and Brad Lehman of Newmark, Cornish & Carey representing the buyer and seller in the transaction.

More news
The latest news from Real Estate Investment Times
Join Our Newsletter

Sign up today and never
miss the latest news or an issue again

Subscribe now
London pension fund strengthens board
17 August 2017 | London | Reporter: Theo Andrew
The London Pension Fund Authority (LPFA) has appointed Nigel Topping and Barbara Weber to its trustee board, effective immediately
Greystar appoints Jeff Manno to lead Growth Fund
17 August 2017 | Charleston | Reporter: Theo Andrew
Reporting to Chris MacNaughton, Greystar’s head of portfolio management platform, Manno will relocate from London to Charleston, South Carolina
LaSalle shoots for $1 billion Asian real estate fund
17 August 2017 | Chicago | Reporter: Theo Andrew
In its fifth and latest close, LAO V secured $335 million of commitments, meaning the fund is well in line to exceed its initial target of $750 million
Schroders secures self-storage portfolio for £44 million
16 August 2017 | London | Reporter: Theo Andrew
It is the institutional investor’s first foray into self-storage sector, which it sees as a major growth opportunity within the alternatives sector down to changing demographic trends
BlackRock enters Australian renewable energy sector
16 August 2017 | Queensland | Reporter: Theo Andrew
The global investment manager secured the long-term syndicated debt facility through the Clean Energy Finance Corporation, the Commonwealth Bank of Australia and Natixis
Foundation appoints new global head of transactions
15 August 2017 | Zurich | Reporter: Jenna Lomax
Feix will be based in Zurich and replaces Ulrich Kaluscha, who held the post on an interim basis
Five Point buys OC office campus for $443 million
15 August 2017 | California | Reporter: Theo Andrew
Five Point Holdings has acquired a 73-acre corporate campus in Irvine, California, on behalf of its new venture, Five Point Office Venture Holdings I, for $443 million