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12/23/24
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We’ve got news of two multifamily community sales in NoCal’s Alameda County for a combined price tag of $34 mil. The properties that traded are Vista Del Sol in Pleasanton and Islander Apartments in Alameda.
Islander Apartments, 1701 Shoreline Dr, Alameda |
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In the larger deal, a private investor paid $21.1 mil for Vista Del Sol, a 73-unit ($289k/unit) apartment community located at 2451 Santa Rita Rd in Pleasanton, a Bay Area suburb with strong employment fundamentals and low vacancy rates.
The property sits on a 3.37-acre parcel with access to major employers, high-end shopping, dining and entertainment options. It is in close proximity to several transportation corridors including I-680 and I-580 – providing convenient travel to Silicon Valley and Oakland.
Vista Del Sol offers beautifully designed one- and two-bedroom floor plans. Common amenities at the multifamily development include private covered parking, a community pool with a pool house, and laundry facilities.
In the other transaction, Islander Apartments, a 38-unit multifamily community located at 1701 Shoreline Dr in Alameda, sold for $12.9 mil ($339.5k/unit). The buyer, a private investor, sold three smaller assets to consolidate into a larger, more stable property with a better return.
Situated on a one-acre parcel of land, the property is conveniently located on Shoreline Drive, one of Alameda’s main thoroughfares, which contains a wide selection of restaurants, stores and retail shops. In addition to being within walking distance to great schools, coffee shops, movie theaters and more, Islander Apartments is close to the 1,500-acre mixed-use Alameda Point Development, one of the largest development projects in the Bay Area, which is expected to create over 9,000 new jobs.
Islander Apartments offers two-bedroom floorplans and community amenities including a pool, gated covered parking, a gated secured entrance, barbecue/picnic area, bike storage, and individual storage units.
Robert Johnston and Adam Levin of Levin Johnston represented all parties in both of these transactions. According to Johnston, they are seeing rising investor interest and increasing transaction activity in Alameda County’s multifamily sector due to its strong fundamentals.
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