Berkadia Completes $46M Sale and Secures $33.5M in Financing for Multifamily Property in Dublin, California
SAN FRANCISCO, CA – July 1, 2024 – Berkadia announced today the sale and financing secured for Tralee Village, a 130-unit multifamily mid-rise property built in 2011 located in Dublin, California. Senior Managing Directors Jason Parr and Brett Betzler, Managing Director Scott MacDonald, Senior Director Kaohu Berg-Hee, and Director John Hansen, of Berkadia San Francisco and Irvine completed the sale on behalf of California-based, JB Matteson. The deal closed on June 17.
The successful completion of this transaction showcases the expertise and collaboration of Berkadia San Francisco, Irvine and Los Angeles.
“The Tri-Valley is recognized as one of the Bay Area’s premier multifamily markets with strong regional connectivity, high barriers to homeownership, and growing apartment demand drivers,” said Parr. “Tralee Village in particular benefits from these exceptional fundamentals by providing high-quality housing that is insulated from future competition due to a declining development pipeline. This combined with a clear path to value creation through capital improvements and market-supported rent growth makes Tralee Village a very compelling opportunity.”
Senior Managing Director Allan Freedman and Senior Director Ben Harris of Berkadia Los Angeles secured $33.5 million in acquisition financing through Invesco Real Estate on behalf of the buyer, California-based Cityview.
“The loan will be used to execute the client’s value-add plan while providing flexibility to exit the loan early without a hefty prepayment penalty,” said Freedman.
Located at 6599 Dublin Boulevard, the property affords enrollment into the local A+ rated public school district and proximity to the nearby nexus of I-680, I-580, and BART, which provides direct access to the world-class employment hubs in Silicon Valley and San Francisco. The Property is surrounded by innovative and growing companies including Oracle, Workday, ZEISS, Roche Molecular, Thermo Fisher Scientific, and 10X Genomics. Tralee Village was built in 2011 and features 130 contemporary residences comprised of one-bedroom, two-bedroom, and three-bedroom units averaging 979 square feet.
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