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June 17, 2024
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Berkeley Property Purchased for Student Housing Development

6/11/24

A development site of just under a half-acre in Berkeley, less than five blocks from the University of California, Berkeley, was acquired for development of a 52-unit, 232-bedroom student housing project. The 0.43-acre property is located at 2587 Telegraph Ave.

Photo: Todd Quam; Digital Sky Photography
Photo: Todd Quam; Digital Sky Photography
The housing project is approved and entitled for an eight-story, 112.6k sf, mixed-use building featuring studio, four-, five- and six-bedroom units, including six affordable housing units. Additionally, the finished project will include 2.9k sf of ground-floor commercial space, 5.1k sf of outdoor space, a fitness room, amenity room, study pods and bike parking.

The Southside neighborhood, centered around Telegraph Avenue, is the epicenter of off-campus activity, including shopping, dining, nightlife and entertainment. The area is easily accessible to the rest of the San Francisco Bay Area via the downtown Berkeley BART station.

Keith Manson, Zachary Greenwood and Mac Watson with CBRE’s Oakland office represented the seller, 2565-2589 Telegraph Blake LLC, a local private investor and related party of Anchor Valley Partners.

“With a limited pipeline of new construction on the south side of the UC Berkeley campus, strong rents and a growing U.C. Berkeley student, staff and faculty base, Berkeley continues to be one of the nation’s premier student housing markets,” said Keith Manson, senior vice president at CBRE.

CBRE reports only 320 units are under construction or approved within eight blocks south of the U.C. Berkeley campus and east of Shattuck Ave. The average overall rent in the Berkeley submarket is expected to grow 19% over the next ten years, according to CBRE Econometric Advisors.




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