 |
| 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
MONAGHAN COMMUNICATIONS,
INC.
anne@MonaghanPR.com
830.997.0963
No comments:
Post a Comment