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1/28/22
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A development site of 0.3 acres situated across the street from the University of California, Berkeley was acquired by an unnamed investor for $21.5 mil. The buyer plans to build an 87-unit, 232-bed student housing development on the site, located at 2590 Bancroft Way. The sales price equates to over $247k per entitled unit for the land, surpassing the previous record by 26%, we’re told.
Permits are already in place at 2590 Bancroft to build an eight-story building with ground-floor retail and a rooftop terrace, with a unique vantage point of the UC Berkeley campus and the Berkeley Hills. Additionally, the finished project will include up to 40 bike parking spaces, and the property is just a three-minute walk to the center of the UC Berkeley campus.
Keith Manson, Zachary Greenwood and Mac Watson with CBRE’s Oakland office represented the seller, Ruegg and Ellsworth LLC.
“2590 Bancroft Way is an ideal student housing development opportunity. It is shovel ready, with permits in place, and a location in one of the most supply-constrained student housing markets in the entire country. The record pricing shows bullish investor optimism regarding Berkeley,” said Watson.
The return to in-person learning at UC Berkeley created a massive increase in demand for student housing. Rents for units in properties similar to what is planned at 2590 Bancroft have reached as high as $14 per sq. ft. per month.
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