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3/19/15
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In a Bay Area multifamily buy, The Bascom Group LLC, in a venture with funds managed by Carlyle Realty Partners, have acquired Bridgecourt Apartments, a 220-unit, Class A apartment community in Emeryville, for $45.1 mil ($205k/unit).
Built in 1998, Bridgecourt is located at 1325 40th St, west of San Pablo Ave and north of MacArthur Blvd. The property, which includes five ground floor retail spaces, is viewed as a value-add opportunity, as nearby properties are achieving rents significantly above Bridgecourt’s current rents. Planned improvements will include adding washers and dryers in the units, modern lighting, and new kitchen appliances.
Bridgecourt is conveniently located near major employment centers in San Francisco, San Jose, Oakland, and Berkeley. Several notable companies house regional offices or are headquartered in Emeryville, including Pixar Animation Studios, which is just one block north of Bridgecourt. The neighborhood features an abundance of retailers, including Apple, Pottery Barn, J. Crew, Abercrombie & Fitch, Gap, Best Buy, Home Depot, IDEA and Target.
Stephen Jackson and Mark J. Feldman of Colliers International were the brokers for the sale. Brian Eisendrath, Brandon Smith and Annie Rice of CBRE Capital Markets arranged the $40.6 mil acquisition loan with California Bank & Trust.
Chad Sanderson, Principal for Bascom, states, “Bridgecourt is a very well located property with access to stong jobs centers, local retail, and access to Bay Area public transportation. It offers tenants a great urban location with attractive rents when compared to Downtown San Francisco and many other nearby locations.”
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