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| Bel Brook and Hideaway Apartments, San Leandro, CA |
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| Max Sharkansky |
SAN LEANDRO, CA – Trion
Properties, a private equity real estate firm with a niche focus on value-add
multifamily investments, along with its joint-venture partner DVO Real Estate,
a New York-based private real estate investment firm, has acquired Bel Brook and Hideaway Apartments, a
146-unit value-add multifamily property at 77-85 Estabrook Street in the San Leandro submarket of the
East Bay, for $36.6 million.
This is Trion Properties’
fourth Bay Area acquisition in less than 15 months, bringing its existing Bay
Area multifamily portfolio to a total of 262 units, according to Max
Sharkansky, Managing Partner at Trion Properties.
“San Leandro is thriving and
experiencing tremendous revitalization, making it poised for long-term growth
and investment potential,” says Sharkansky.
“Located in the heart of the
dynamic East Bay, this property is within walking distance to a BART station
and a mile away from the San Leandro Technology Campus, a 750,000 square-foot
mixed-use development which will bring an estimated 1,800 tech jobs to the
area.
“The enormous job growth
throughout this region is driving demand for quality housing located in close
proximity to transit options and major employers.”
Sharkansky notes that the entire
East Bay is undergoing rapid growth as major tech giants and employers expand
their presence in this region. Uber will relocate its corporate headquarters to
Oakland, while Tesla has brought thousands of high paying jobs to Fremont.
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| Mitch Paskover |
In addition to the region’s
technology sector growth, San Leandro is home to three of the Bay Area’s
largest craft breweries, a thriving downtown district with a host of retail and
restaurant amenities, and the San Leandro Monarch Beach, a 40-acre mixed-use
development anticipated to break ground this year.
“We are bullish on the
East Bay and have a proven track record in this market,” continues Sharkansky,
who notes that Trion recently acquired two value-add multifamily assets in
Hayward and San Leandro last year.
“This property is located
only a block away from our Metro348 property on the same street. Metro348
boasts a strong and diverse mix of tenants, many of whom work in the technology
and healthcare industries, including employers such as Uber, Kaiser, and GE
Health.
"Based on our enormous success in repositioning our existing Metro348
asset, the Bel Brook and Hideaway Apartments presents a unique opportunity for
us to execute a similar value-add investment strategy and capitalize on the tremendous
growth of this region, enabling us to generate strong cash flow and
risk-adjusted returns to our investors.”Trion Properties
and joint-venture equity partner DVO Real Estate acquired this property from
the John Sullivan family.
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| Brad Lehman |
Acquisition financing was
arranged by Continental Partners through NXT Capital. John Leyvas Jr. and Brad Lehman of Newmark, Cornish and Carey
represented both the buyer and the seller in this transaction.
The principals of Trion
Properties are Max Sharkansky and Mitch
Paskover, two real estate professionals with over 30 years of combined
experience in finance, acquisitions, management and redevelopment.
DVO’s team is made up of
highly experienced real estate investors with more than 100 years of combined
experience in the industry, including 30,000+ apartment units and $6+ billion
of real estate and private equity transactions. Additional information is
available at www.dvorealestate.com or by calling +1.212.391.0902.
For a complete copy of the company’s news release,
please contact:
Lauren Burgos / Katie Kea
Brower, Miller & Cole
(949) 955-7940
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