The property was purchased from the Earl Smith Group, an East Bay partnership. Mark Feldman of Hendricks & Partners brokered the transaction.
Pacific Property Company bought the apartment community for $3,675,000. The three-building complex is located about 17 miles southeast of San Francisco in Castro Valley. Its apartment units feature spacious two bedroom floor plans with fireplaces and balconies. Each of the buildings is three stories high. The entire property has 31,277 sf of rentable space.
The property is situated on a ridge and all units display panoramic views of the San Francisco Bay. Pacific Property plans to reposition the property to better capture market demand, with enhancements including garages, electronic installations and remodeling.
This transaction was made as part of Pacific's SPIP, which aims to invest in 10 to 50-unit apartment complexes in infill locations throughout the Bay Area.
"Castro Valley has proven a desirable residential location because of its strategic location between San Francisco and San Jose and its easy access to freeways and BART," says Jay Cross, acquisition manager and head of Pacific's SPIP. "In addition, due to its relatively affordable rent levels, the Castro Valley apartment market has remained strong while more expensive submarkets such as Silicon Valley and San Francisco markets have suffered during the recent downturn."
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