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September 24, 2020
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James Investment Partners Spends $21 Mil on Multifamily Property in the East Bay


Encino-based James Investment Partners paid $21.1 mil for The Terraces, a 72-unit ($293k/unit), condominium-quality development in the East Bay community of El Sobrante. The asset was sold by an affiliate of Abacus Capital Group, based in New York City, who acquired the property in 2015 for around $16 mil. This latest transaction represents a 34% increase in its value in less than two years.

Located in nine separate buildings on six acres at 6000 Sunhill Circle, the development was built in phases; beginning in 1991 with 24 units. The remaining 48 units were completed by 2003.

All units are approximately 1k sf and feature two-bedroom floorplans, each with private garages. Additionally, there are another 72 resident and 18 guest parking spaces. Each apartment is equipped with an in-unit washer and dryer and other condo-style amenities.

Community amenities include a swimming pool, Jacuzzi spa, and a playground. Plans are being completed to relocate the community’s leasing office and convert a fitness center.

Brandon Geraldo and Ryan Wagner with Colliers International represented the buyer and the seller in the deal. According to Geraldo, the property, which generated multiple offers from a variety of Bay Area and Southern California investment groups, achieved the second-highest price for any multifamily asset of $20 mil or more in the East Bay this year.

“This was an excellent opportunity for an investor to purchase an impeccably renovated and historically stable asset that will be easy to manage and will provide, over time, an option to bring rents to market levels,” said Wagner. “Demand for quality apartment homes in the greater San Francisco Bay area continues to reach record levels as the barriers to homeownership remain extremely high following The Great Recession, especially among those looking to buy their first homes.”

Located close to both downtown San Francisco and downtown Oakland, The Terraces attract those working in the two major employment centers and is within easy reach of a variety of commuting options. The Terraces is located approximately 35 minutes by automobile to downtown San Francisco and 20-minutes to Oakland.

In preparation for selling the asset, the property recently underwent a series of capital improvement upgrades, including new exterior paint, resurfaced asphalt walk-bike-drive ways, enhanced landscaping, and renovation of its onsite central leasing and management offices.

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