OAKLAND, CALIF. –– CBRE arranged the sale of University Terrace for $4.52 million to a private buyer.
Keith Manson, Zachary Greenwood and Mac Watson of CBRE’s Multifamily Team represented the seller, a private investor. Nick Davidson of Cire Partners represented the buyer.
“The Bay Area multifamily market remains strong despite market headwinds. Through September 15, 2022, our team closed more than $185 million in sales in the City of Berkeley, underscoring the value proposition and demand in the region,” said Zachary Greenwood, Vice President of CBRE. “Its proximity to the I-580 and I-80 corridor, UC Berkeley as well as retail and restaurants on Fourth Street and downtown Berkeley make it easy to access shops and restaurants that make up the city’s distinctive charm.”
University Terrace, located at 951 University Avenue in Berkeley, Calif., is a 10-unit community built in 1954, comprised of two-bedroom townhomes and one-bedroom units. The property’s exterior and interior were recently updated with high-quality finishes.
The total dollar volume traded for multifamily assets in the San Francisco Bay Area was $1.6 billion in the second quarter of 2022, just behind office/R&D and industrial assets, according to CBRE.