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1,008-Unit Hilltop Bayview Apts. Getting $8M Makeover

RICHMOND, CA-The joint venture that in May acquired this city's largest apartment property for $114.5 million plans to transform the property into a more upscale offering called Bella Vista at Hilltop.

By Brian K. Miller | Updated on June 28, 2005

RICHMOND, CA-The 1,008-unit Hilltop Bayview Apartments here will undergo an $8-million transformation into Bella Vista at Hilltop, which will be a more upscale offering. The upgrade is being paid for by GMH Capital Partners and Fidelity Real Estate Group, which jointly acquired the city’s largest apartment property in May for $114.5 million–the largest single apartment complex sale in the nine-county Bay Area since 1999.The planned common-area improvements to Bayview Hilltop will include a new clubhouse, fitness and business center, new roofs, landscaping, lighting, paving and security upgrades. The plan also includes unspecified improvements to the individual apartment units. GHM Capital Partners SVP Rand Ginsberg was not available Tuesday afternoon for further comment.Bayview Hilltop is located at 3400 Richmond Pkwy, 20 miles northeast of San Francisco, 15 miles north of Oakland and less than one mile from the Eastshore Freeway (Interstate 80). Built in 1988, the garden-style complex consists of 42 three-story buildings on approximately 50 acres. The units are currently 87% occupied. Existing amenities include a clubhouse, four outdoor swimming pools and spas, an indoor pool and spa, a fitness center, two saunas, four lighted tennis courts, two racquetball courts, covered parking, controlled access and on-site management.GMH Capital Partners, based in Newton Square, PA, provides investment sales and asset management services in all the real estate food groups (office, retail and industrial and multifamily). The company says it is targeting approximately $300 million in new value-add acquisitions over the next 12 months in the Mid-Atlantic region, Florida and California markets. The company’s major clients include GE Real Estate, Vornado Realty Trust, UBS Warburg and Goldman Sachs.

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