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Trion Properties Purchases 80-Unit Multifamily Property in the Bay Area

8/14/20

Trion Properties has acquired Creekside Apartments, an 80-unit multifamily community in San Leandro, for $20.5 mil, or about $256.3k/unit. The property is located at 424 Callan Ave, west of I-580.

Built in 1969, Creekside Apartments features large one- and two-bedroom apartments averaging over 880 sf, each with a private balcony or patio. Amenities include a swimming pool, laundry facilities on each floor, a courtyard with picnic area, and a gated parking lot.

The property is a short walk to vibrant downtown San Leandro and the San Leandro BART station, offering quick rides to San Francisco and Oakland. Downtown San Leandro, which is a half mile away, offers several dining and shopping options.

The asset provides an opportunity for Trion to perform value-add upgrades similar to the upgrades completed at the firmís other San Leandro communities. Only six of the units at Creekside Apartments have been fully renovated, presenting significant further upside potential. Trion will implement renovations on the remaining units that include installing quartz countertops, vinyl plank flooring, stainless-steel appliances, undermount sinks, washer/dryers, new custom cabinets, Bluetooth locks, and upgraded bathroom vanities.

The transaction is Trionís fourth acquisition in San Leandro since 2015 and ninth in the East Bay. The firmís San Leandro portfolio also includes Metro 348, a 38-unit apartment community; Metro 77 and 85, a 146-unit apartment community; and Soji Apartments, a 61-unit apartment community.

Trion identified San Leandro as a submarket with the potential for long-term growth due to its centralized location in the regional job market, walkability to public transportation, and relative affordability, according to Max Sharkansky, Managing Partner at Trion Properties. The three cities in which the largest numbers of San Leandro residents work are Oakland, Hayward, and San Francisco, while, according to a 2016 study, 11% of Bay Area residents both live and work in San Leandro.

Cushman & Wakefieldís Jason Parr, Scott MacDonald and Seth Siegel represented the seller in the transaction.



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