The Small Space Marketplace

List Your Space

Find Space

Home About Us Executive Subscriber Membership RENTV Conferences Newsletter Contact Us Advertise
March 28, 2024
 Search RENTV
   Go!
 The REview
 News
News Home Page
Southern California
Northern California
Pacific Northwest
Texas/Southwest
Retail
Multifamily
Financing
Prop. Management
Archives
Press Releases
 R. E. Marketplace
Service Providers
JobWorks
Property Spotlight
 RENTV  Conferences
Subscriber Login:
  
Email      
    Go!
Password      
Forgot Password?



BAY AREA NEWS
Printer-friendly Version   Email an Associate
Trion Properties Teams with NY-Based DVO Real Estate in $36 Mil Value-Add Res Buy in the East Bay

4/10/17

Trion Properties and joint-venture partner DVO Real Estate, out of New York, teamed up in the recent $36.6 mil acquisition of Bel Brook and Hideaway Apartments, a 146-unit ($251k/unit), value-add multifamily property in the East Bay submarket of San Leandro. Built in 1967 and located at 77-85 Estabrook St, the property was 94% occupied at the time of purchase.

The well-maintained community has strong in-place cash flow with tremendous upside potential, allowing Trion to strategically upgrade the property in order to bring rents up to market and increase net operating income. The firm plans to modernize the property through strategic interior and exterior renovations to create a best-in-class San Leandro community.

Interior renovations will include the installation of new vinyl wood plank flooring, stainless steel kitchen appliances, modern cabinetry, high-end finishes, and bathroom upgrades. In addition, Trion will completely rebrand the property through exterior improvements, including the installation of new signage, as well as significant upgrades to the leasing office, pool, fitness center, and recreational center.

“San Leandro is thriving and experiencing tremendous revitalization, making it poised for long-term growth and investment potential,” says Max Sharkansky, Managing Partner at Trion Properties. “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 750k sf, 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.”

The property was sold by the John Sullivan family. John Leyvas Jr. and Brad Lehman of Newmark, Cornish and Carey represented both the buyer and the seller in this transaction. Acquisition financing was arranged by Continental Partners through NXT Capital.

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 Sharkansky. The firm also acquired two value-add multifamily assets in Hayward and San Leandro in the last year.






Return to the Archive page


 
 
 
 
 





Home | About Us | Newsletter | Contact Us | Executive Subscriber Membership | Executive Subscriber Home | Advertise
Southern California | Northern California | Pacific Northwest | Southwest | Retail | Multifamily | Financing | Property Management
Archives | Press Releases | Service Providers | JobWorks | Property Listings

Copyright © 2024 by RENTV, All Rights Reserved
Website designed by Regency Web Services, Inc. and powered by Lightning Media