|
|
5/24/16
|
An eight-unit apartment building in Berkeley sold for $3.825 mil, or $478.1k/unit and $590/sf. From what we’ve been told, both the price per unit and the price per square foot are likely records for apartments in Berkeley built before 2000 with over five units.
Located at 2537 Fulton St, in South Berkeley, the asset is just four blocks from the University of California, Berkeley, and walking distance to all of Downtown Berkeley’s shops, restaurants and entertainment making this asset a prime option for student living.
2537 Fulton Street was built in 1968 and received a complete remodel in 2013, which included a seismic upgrade with permits and removal from Berkeley’s soft-story inventory list. The building is comprised of four stories with eight two-bedroom/one-bath units and one penthouse studio (un-warranted).
Empire Square Group, a New York-based private equity group, sold the property on behalf of the owner, Aqarat, a leading global real estate group based in Kuwait. The asset was purchased by a local buyer.
Keith Manson and Zachary Greenwood of CBRE represented both parties in the transaction. The transaction has a cap rate of approximately 5.19 percent with a GRM of almost 13.56.
“Student-occupied assets continue to command strong rents. This helped the sale reach almost $500,000 per unit and $600 per square foot,” said Manson.
|
|
 Return to the Archive page
|
|
|
|
|
Printer-friendly Version
Email an Associate
