The sale price represents $95,170 per unit and $133 per sf. The proforma capitalization rate is 6.8%, according to Marcus & Millichap, which brokered the transaction.
As part of the acquisition, Fairfield changed the name of the property to Baycliff. Built in 1975 on 15.6 acres at 2300 Baycliff Dr., the garden-style apartment community has views of the San Francisco skyline, the Bay Bridge, Mount Tamalpais and San Pablo Bay.
The unit mix is 242 one-bedroom and 100 two-bedroom apartments, ranging in size from 667 sf to 834 sf. Monthly rental rates range from $910 to $1,235. Community amenities include a pool, tennis courts, fitness center and on-site laundry facilities.
Thomas Doglio and Stanford Jones, respectively director and senior director of Marcus & Millichap's Multi Housing Group, had the disposition assignment.
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