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BAY AREA NEWS
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East Bay Multifamily Property Goes for $219k/Unit

5/12/21

Terrace Towers, a 41-unit apartment building in Hayward, was sold for $8.99 mil, or $219k per unit. The low-rise, three-story apartment complex is located at 23976 2nd St, east of Mission Blvd in Hayward Hills.

Originally built between 1961 and 1962, the building is comprised of 28 one-bedroom/one-bath units and 13 two-bedroom/one-bath units. The property’s onsite amenities include a swimming pool, future controlled access, 52 parking spaces and laundry facilities.

Ryan Rodriguez and Gavin McDowell with Colliers represented both parties in the deal. According to Rodriguez, the property was 50% vacant at the time of the sale, making traditional debt sources unavailable. Despite this, the listing received half a dozen offers and was under contract within a few weeks of marketing the property.





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