Tuesday, November 15, 2016

Thompson | Dorfman Partners Doubles its Money on Sale of Apartment Community in Hayward, CA

Solaris Apartments, 24661 Amador Street, Alameda County, CA

Bruce Dorfman
MILL VALLEY, CA -- Thompson | Dorfman Partners, LLC (TDP), a San Francisco Bay Area real estate development and investment firm, through its TDT Ventures (TDT) subsidiary, and equity partner, BayNorth Capital of Boston, announced the venture sold a 68-unit apartment community in Alameda County, Calif., for $14,268,000, representing $209,824 per unit; $307 per square foot.

TDT purchased Solaris Apartments in 2008 for $7.1 million. 

“On many levels, this project was very successful,” said Bruce Dorfman, principal with Thompson | Dorfman Partners. “Through active ownership, we repositioned a poorly maintained and poorly managed 1960s-apartment building to provide quality and affordable workforce housing.

“There is a huge demand for this type of product in the Bay Area and we continue to look for similar opportunities.  Not only did we dramatically improve the property, which benefits our residents and the surrounding community, but we also exceeded our return metrics for our partners, even though we acquired the property just before the market meltdown in late 2008.”

According to Bob Talbott, co-founder of TDT Ventures, “Solaris Apartments is a great example of the type of well-located, value-add property that we look for in underserved markets. 

"We spent a little more than a million dollars in making significant property improvements including a new controlled access gate system, updated exterior paint, new building signage, upgraded exterior lighting, replacement of air-conditioning units, and the renovation of unit interiors.”

The garden low-rise apartment community is comprised of 52 630-square-foot one-bedroom, one-bath units and 16 860-square-foot two-bedroom, one-bath units. Some of Solaris Apartments’ amenities include a pool and well-landscaped courtyards on approximately two acres.

Bob Talbott
Located at 24661 Amador Street in Hayward, Solaris Apartments offers convenient access to the major job centers in the Bay Area and is blocks from Interstate 880, which also provides a direct connection to the Peninsula office market via the San Mateo Bridge.

The property is approximately one-and-a-half miles from the Hayward BART Station. Safeway, Walgreens, Taco Bell, 24 Hour Fitness, and many other neighborhood retailers are located adjacent to Solaris, and the property is a short drive to Cal State Hayward and Chabot College.

“This is a great location for students and workers that want easy access to I-880 and/or BART plus all of the amenities that this walkable neighborhood has to offer,” said Talbott. 

Cushman & Wakefield Vice President Scott MacDonald and Senior Managing Director Ric Russell, both located in the firm’s San Francisco office, represented the seller, TDP and TDT, and the buyer, a local private investor. 

 For a complete copy of the company’s news release, please contact:

Anne Monaghan

No comments: