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6/20/22
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The Point apartments, a multifamily apartment building in Point Richmond, CA, was acquired by a private investor for $14.97 mil. The 28.5k sf property, located at 401-403 South Garrard Blvd, 13 miles northwest of downtown Oakland, consists of 27 residential units and one commercial space.
The property, just a 30-minute drive from San Francisco, includes 28 parking stalls, a rooftop terrace and outdoor grill areas. Built in 2017, all units have updated fixtures and modern amenities including open-concept living spaces, floor-to-ceiling windows, in-unit washer and dryer, central air and heating, fireplace, stainless steel appliances and hardwood floors.
Keith Manson, Zachary Greenwood and Mac Watson with CBRE represented the sellers, a joint venture between real estate developer Integrated Property Company II and TRIG Investment Group, who developed The Point apartments. The buyer, who executed a 1031-exchange, was repped by CBRE’s Jef Henderson, Jon Teel, Adam Foley and Katie Hayden. Andrew Behrens, Jesse Weber and Ryan Jameson of CBRE’s Debt & Structured Finance team secured a $3.55 mil loan with a 3.23% rate through CBRE’s Freddie Mac Multifamily Small Balance Loan (SBL) Program.
Nationally, multifamily investment volume outperformed industrial, retail and office with $57 bil in investment volume in the first quarter of 2022, up 42% from the same period last year according to CBRE. The San Francisco Bay Area was the fourth top market in total multifamily investment volume, growing 82.8% year-over-year.
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