Berkadia Arranges $35.55 Million Sale and Financing of Legacy East Bay Multifamily Portfolio
Castro Valley, CA – July 14, 2026 – Berkadia, a distinguished leader in the commercial real estate sector, announces that it arranged the sale and acquisition financing of two value-add, neighboring Castro Valley multifamily communities with a total of 135 units: The Cedars, an 83-unit property that sold for $21.45 million, and Creekside Terrace, a 52-unit property that sold for $14.1 million.
Senior Managing Director Jason Parr, Managing Director Scott MacDonald, and Director John Hansen of Berkadia San Francisco arranged the sale on behalf of Felson Companies, the original developer and longtime owner of both communities. Held by the same ownership since their development more than five decades ago, the portfolio was offered for sale for the first time, presenting investors with a rare opportunity to acquire a well-maintained East Bay multifamily portfolio.
Managing Director Clay Akiwenzie and Director Hank Workman of Berkadia San Francisco arranged the financing on behalf of the sponsor, San Francisco-based Prime Residential. The financing consisted of a 7-year fixed-rate Freddie Mac loan with full-term interest only.
“Properties held by a single owner for over 50 years are incredibly rare in the Bay Area, and the value-add potential here drew significant investor demand,” said MacDonald. “Our investment sales team partnered closely with our mortgage banking colleagues to navigate a complex environment and deliver an exceptional outcome for our clients.”
“The combination of an experienced sponsorship group and a rare, well-located portfolio enabled us to secure highly competitive acquisition financing despite today’s challenging lending environment,” said Akiwenzie. “The communities are strategically positioned in Castro Valley, where the market’s limited pipeline of competing multifamily development supports long-term apartment fundamentals.”
Located at 22240-22302 Center Street, The Cedars is an 83-unit multifamily community completed in 1962 and 1970. The property offers a mix of one-, two-, and three-bedroom apartment homes with hardwood-style flooring, quartz countertops, private balconies, and walk-in closets. Community amenities include two swimming pools, an outdoor courtyard, a fitness center, and covered parking.
Located at 22180 Center Street, Creekside Terrace is a 52-unit multifamily community completed in 1973. The property offers one-, two-, and three-bedroom floor plans, with wood-style flooring, private patios or balconies, stainless steel appliances, and quartz countertops. Community amenities include a swimming pool and dry sauna, an outdoor courtyard, a fitness center, and covered parking.
Located less than a half mile from Interstate 580 and near Highway 92, the communities offer direct access to the San Mateo-Hayward Bridge and major employment centers across San Francisco, Oakland, and the Tri-Valley area. Residents are also just five minutes from Downtown Castro Valley and the Castro Valley BART station, and adjacent to premier local amenities such as the Castro Valley Marketplace, Lake Chabot Regional Park, and employment hubs such as Eden Medical Center, Kaiser Permanente, and the Bay Valley Medical Group.