The Fine Arts multifamily community has 100 units with needed amenities for renters.
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BERKELEY, CA—Since 2000, downtown Berkeley's residential population has doubled, and UC Berkeley's enrollment has increased by nearly 6,000 students. In fact, Berkeley is in demand by all types of renters due to its culinary scene, cultural amenities, walkability and access to public transit.
That demand recently resulted in the Dinerstein Companies and Harrison Street purchasing a six-property multifamily portfolio from Equity Residential. The purchase price was undisclosed.
Totaling 343 units with 27,304 square feet of retail space, The Berkeleyan, Renaissance Villas, ARTech, Touriel, Fine Arts and Gaia will allow Dinerstein and Harrison Street to achieve a critical mass in this highly sought-after multifamily market.
All six properties were built between 1998 and 2004, and are located steps from the UC Berkeley campus in the downtown technology innovation hub with proximity to BART stations as well as downtown Oakland and San Francisco. With Walk Scores averaging 96 and Bike Scores at 97, all six properties are characterized as a walkers' and bikers' paradise.
The Berkeley portfolio will be rebranded The Sterling Berkeley Collection and become part of the Sterling Housing, the Dinerstein Companies' student housing division. The leasing center for all buildings will be located at 1910 Oxford St.
"The properties will offer residents the opportunity to be housed in various locations throughout the city of Berkeley and proximity to various amenities, services and the University of California Berkeley," Josh Vasbinder, the Dinerstein Companies' West Coast partner, tells GlobeSt.com. "Additionally, the properties range in size from 34 units (Renaissance Villas) to 100 units (Fine Arts), so residents can choose between a smaller boutique apartment community as well as a larger apartment community with more amenities, along with everything in between."
Vasbinder says student housing trends in Berkeley and across all markets include smaller units and larger common areas, increasing focus on health and wellness, simplifying transportation via ridesharing, mass transit and biking which is resulting in less need for parking, and streamlining package delivery via Parcel Pending.
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Lisa Brown
Lisa Brown is an editor for the south and west regions of GlobeSt.com. She has 25-plus years of real estate experience, with a regional PR role at Grubb & Ellis and a national communications position at MMI. Brown also spent 10 years as executive director at NAIOP San Francisco Bay Area chapter, where she led the organization to achieving its first national award honors and recognition on Capitol Hill. She has written extensively on commercial real estate topics and edited numerous pieces on the subject.
