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6/11/15
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Greystar purchased a 150-unit, Class B apartment community in Pleasanton in a deal said to be worth more than $300k/unit, or $45 mil. The 1981 vintage, garden-style property is located at 4320 Valley Ave, south of I-580 and east of I-680 in the Bay Area’s Tri-Valley region.
Greystar has renamed the community, formally called Woodland Villas, to Avana Pleasanton. The community presents Greystar an opportunity to significantly upgrade the apartment interiors to create further value for its residents.
The seller completed renovations on select units that included installing stackable washers and dryers, granite countertops, new cabinet faces, a new lighting package, and new vinyl-wood plank flooring. We’re told that those units which have already undergone renovations have been very popular with renters.
Mark Leary and a team at ARA Newmark served as the exclusive advisors on the transaction. The property drew over 20 offers from very qualified investors.
Leary noted, “Given the proven success of the current interior renovation program, Greystar has indicated that they plan to complete a superior scope of interior renovations on the balance of the units and to reposition the asset with significant exterior and common area upgrades.”
Located only 35 miles from San Francisco and San Jose, Avana Pleasanton’s central location provides convenient access to employers in Silicon Valley, Oakland and San Francisco via BART and Interstates 580, 880, and 680, plus State Routes 84 and 238. With a Safeway, Walgreens and Pleasanton’s largest neighborhood park adjacent to the property, residents can walk to many amenities that normally require driving in the suburbs. Residents can also walk to other to all local schools, which are among the highest rated in the state. Hacienda Business Park, located a quick drive or bike ride away, also provides access to numerous jobs including companies like Oracle and Kaiser Permanente.
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