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June 22, 2024
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Multifamily Asset in the East Bay is Traded in $23 Mil Deal


Mosaic Apartments, a 62-unit apartment community located in Castro Valley, an unincorporated community in CA’s Alameda County, traded hands in a recent $23 mil ($371k/unit) transaction. The apartment community, situated on 2.92 acres at 19972 Stanton Ave, is located about 27 miles southeast of San Francisco and 30 miles northwest of San Jose.

Constructed in 1961, Mosaic Apartments has a gross building area of approximately 46.5k sf of space. The community has a mix of one-bedroom, two-bedroom and three-bedroom floorplans, with each unit featuring a patio or balcony, vast closet, and contemporary ceiling fans and fixtures. The property offers a number of community amenities including barbeque and picnic areas, covered parking, a pet park, laundry rooms, and an outdoor Wi-Fi lounge.

Mosaic Apartments is near Castro Valley Shopping Center, which features numerous recognizable retailers, restaurants, and entertainment options. The property is comfortably situated between three primary employment markets: Oakland, San Francisco, and San Jose, making it an ideal location for anyone who works in those markets.

Adam Levin with Levin Johnston of Marcus and Millichap represented the seller and procured the buyer in the transaction.

According to a report from the U.S. Postal Service, change-of-address submissions show that San Francisco residents who are migrating from the city are not leaving California, or even the Bay Area. Rather, a significant number of residents are instead opting for a parallel shift in work and housing, choosing to leave the city in favor of Bay Area suburbs. In fact, the top six destinations for those leaving the city were all Bay Area counties, with Alameda County ranking high up on the list.

“The investment appeal of this property is driven by the influx of residents from the city and by its proximity to many of the nation's top technology employers such as Google, Facebook, Apple, Salesforce, Visa, and Sony, among many others,” notes Levin. “Much of the migration into Alameda County from the city is aided by more flexible remote work and hybrid schedules that give employees greater freedom to relocate. Alameda County offers residents the safety and convenience of being close enough to commute if they return to office or to accommodate a hybrid work schedule, as well as the ability to enjoy a quieter and more suburban lifestyle.”

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