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3/11/20
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In an institutional-quality multifamily acquisition in the Bay Area, Acacia Capital Corporation purchased Park Hacienda, a 540-unit, garden-style apartment community within the Hacienda Business Park in Pleasanton. The asset was sold by Equity Residential for $248 mil, or approximately $459k per unit, making it one of the largest single-asset, value-add multi-housing sales in Bay Area history.
Park Hacienda is situated on 24 acres at 5650 Owens Dr, less than one mile from the Dublin/Pleasanton BART station. The property’s location within the Hacienda Business Park offers residents access to more than 550 employers and an abundance of nearby retail.
Originally completed in 2000, the property has been partially renovated and features one-, two- and three-bedroom floor plans averaging 998 sf in size. Renovated units are equipped with stainless steel appliances, full-size washers and dryers and personal patios with storage. Community amenities include two swimming pools, a fitness center, covered and underground parking, and direct public park access.
Scott Bales, Peter Yorck, Nolan Moore and Max Machiorlette with JLL Capital Markets represented the seller in the transaction.
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