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BERKELEY, CA-GlobeSt.com has exclusively learned that a family corporation, Oakdale Inc., has sold Chateau Apartments here in Berkeley, CA. According to Walnut Creek, CA-based senior vice president, Greg Hugo and SVP and Easy Bay manager Bill Karr of TRI Commercial/CORFAC International, which represented the seller, the sale is “a rare generational investment.
The property is located off of Piedmont Avenue, just three blocks from the Law School (Boalt Hall); Memorial Stadium is also three blocks away. Frederick Law Olmsted designed the residential area, originally called the Berkeley Property. It was one of his first projects and before he did the landscape design of New York's Central Park, according to Hugo and Karr.
The building was built in the mid-1920s—stylistically like suites, GlobeSt.com learns, and the part of the first floor of the property used to be a dining room.
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Chateau Apartments consists of 25 one-bedroom units on four stories and shed for $6.9 million or $276,000 per unit. That amounts to $345 per square foot. Both numbers average 2% cap rate, says TRI Commercial/CORFAC International. The average square footage per unit is 800.
The buyer was Raj Properties, which owns other Berkeley properties. The deal, GlobeSt.com has learned, was all cash and was marketed without an asking price. “There were multiple bidders and it closed in less than a month,” says Hugo and Karr.
Most recently, GlobeSt.com learns, the building was used for student housing. According to Hugo and Karr, the deal is a value-add by the buyers. “There is upside to use the ground floor—which wasn't used for the past 20 years—possibly as a management office or some other revenue-producing space,” they tell GlobeSt.com. “Also, the new owners could combine some units to make two-bedroom apartments.”
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Natalie Dolce
Natalie Dolce, editor-in-chief of GlobeSt.com and GlobeSt. Real Estate Forum, is responsible for working with editorial staff, freelancers and senior management to help plan the overarching vision that encompasses GlobeSt.com, including short-term and long-term goals for the website, how content integrates through the company’s other product lines and the overall quality of content. Previously she served as national executive editor and editor of the West Coast region for GlobeSt.com and Real Estate Forum, and was responsible for coverage of news and information pertaining to that vital real estate region. Prior to moving out to the Southern California office, she was Northeast bureau chief, covering New York City for GlobeSt.com. Her background includes a stint at InStyle Magazine, and as managing editor with New York Press, an alternative weekly New York City paper. In her career, she has also covered a variety of beats for M magazine, Arthur Frommer's Budget Travel, FashionLedge.com, and Co-Ed magazine. Dolce has also freelanced for a number of publications, including MSNBC.com and Museums New York magazine.
