Rockwood Capital, based in San Francisco, acquired the 100-unit Arroyo Residences for $66M, which translates into $660K per unit. The seller was Northwestern Mutual Real Estate, a Wisconsin-based firm that acquired the property for $37.8M while it was under construction in 2015.
The complex, located at 1250 Arroyo Way, feature one- and two-bedroom units, with exceptionally large one-bedroom apartments measuring 900 SF. Amenities include a pool, spa, business center, clubhouse and rooftop terrace.
Rents at Arroyo Residences range between $3,341 and $3,816, which is well above the average rent in the East Bay suburb of $2,600, according to Zumper.
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