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November 29, 2023
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HCF Development Acquires 170-Unit Berkeley Res Property in $100 Mil Transaction


HCF Development has acquired K Street Flats, a 170-unit multifamily property located in the heart of downtown Berkeley, in a recent transaction valued at about $100 mil, or $588.2k/unit. Built in 2006, the project is located at 2020 Kittredge St, sits just half a mile from UC Berkeley.

Designed with students in mind, K Street Flats provides one- and two-bedroom apartment units in an ideal off-campus living option. The property offers ample community amenities, including outdoor grilling stations, 24-hour study lounges, pet-friendly access, and more.

The property’s downtown locale is conveniently located less than two blocks from BART Station and offers its residents unmatched access to Shattuck Ave, home to a multitude of shopping, dining, theatre, entertainment, galleries, and museums.

Kitty Wallace and Anna Kampling with Colliers represented both parties in the transaction. As part of the deal, the buyer negotiated with the City of Berkeley to expand affordable housing in the market and was successful in selling bonds that enabled the purchase of the property.

“UC Berkeley’s reopening has led to the submarket’s vacancy rate decreasing rapidly while increasing demand for affordable housing,” said Wallace. “K Street Flats’ amenities and proximity to downtown and BART station make it the ideal home for affordable and market-rate renters. Amid an incredibly tight market, competition for quality assets remains stiff for investors looking to take advantage of current market conditions, and this transaction created tremendous value for both sides.”

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