Marcus & Millichap Sells $79.7M Bay Area Luxury Apartment Community in California

DUBLIN, Calif., Sept. 14, 2009 – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has successfully brokered the transaction of Waterford Place Apartment Homes,(top left photo)  a 390-unit, 350,968-square foot luxury apartment community in Dublin, Calif. The sales price of $79.7 million represents $204,358 per unit and $225 per square foot.

Stanford Jones, (middle right photo) executive vice president investments, Philip Saglimbeni, associate vice president investments and Salvatore Saglimbeni, associate vice president investments, all in the firm’s Palo Alto office, represented the seller, Shea Properties’ Waterford Place Apartments LLC, and the buyer, Behringer Harvard Multifamily REIT I.

“Waterford Place represents a rare opportunity in today’s Bay Area marketplace,” comments Jones. “We expect a total of just 12 or 13 large multifamily transactions in 2009 and Waterford will be one of the two or three Class A properties that are less than 10 years old.”

“Despite the current downturn, the market for quality, well-located assets remains exceptionally strong,” adds Philip Saglimbeni. “Multiple buyers and very competitive bidding processes are still prevalent.”

Located at 4800 Tassajara Road in Dublin, the property’s proximity to interstates 580 and 680 and the Dublin/Pleasanton BART station provide convenient access to Bay Area employment centers. The Shops at Waterford is immediately adjacent to the property and Hacienda Crossings Shopping Center is nearby.

Built in 2003, Waterford Place Apartment Homes offers residents the benefits of resort-style living with a superior mix of one and two-bedroom homes and a well-appointed amenity package. Interiors include spacious floor plans averaging approximately 900 square feet with premium finish levels.

 The property features beautiful landscaping with courtyards and unique waterscapes, a heated resort-style outdoor swimming pool and spa, recreation room, state-of-the-art fitness center, theater, business center and conference room, controlled access and four-level parking garage.

:Press Contact: Stacey Corso, 925) 953-1716