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Firm Pays $17M for 186-Unit Apartment Complex

SAN LEANDRO, CA-The property was built in 1975 and recently saw $700,000 in improvements. The sale price represents a 7.7% capitalization rate for the buyer, San Diego-based Investment Advisors.

By Brian K. Miller | Updated on September 22, 2003

SAN LEANDRO, CA-The 186-unit Timbers Apartments complex near Downtown has sold for $17.4 million.

The seller was San Leandro Project Investors, which is based in Northern California. The buyer was San Diego-based Investment Advisors.

The Timbers Apartments is a garden-style complex constructed in 1975. The fully gated community has recently undergone $700,000 in improvements. The unit mix includes 93 one-bedroom, 61 two-bedroom and 32 studio apartments, ranging in size from 476 sf to 851 sf. Monthly rental rates range from $863 to $1,238.

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