24-Unit Complex in Berkeley Sells for $8.7MM

The Pinza Group, Berkeley, Bay Area, CoStar,

The Pinza Group, Berkeley, Bay Area, CoStar,

Berkeley, CA – The Pinza Group announced a record setting sale in the city of Berkeley: 24 apartment units located at 2321 Dwight Way-the “Elsmere Apartments”. Steven Pinza, Esq (the 2014, 2015, & 2016 Top Multifamily Sales Broker in the East Bay according to CoStar), President of The Pinza Group (the 2014, 2015, & 2016 Top Multifamily Sales Brokerage in the East Bay according to CoStar) represented the Buyer and Seller in the transaction which Pinza sold off market. The property sold all cash for $8,735,000, however the Buyer was responsible for real estate commissions which puts the true price above $9,000,000 and close to $600 per square foot. This is a record price per door and price per square foot for a building with this unit mix.

“This property was on the market for a year with another agent who did not specialize in Berkeley” stated Pinza. “The Seller called me once the listing was over and I literally made one call and had it in contract three days later. It just goes to show that not all real estate agents are created equal and you have to work with the person with the best track record in that specific city ” concluded Pinza.

Located three blocks from UC Berkeley, 2321 Dwight Way is an aesthetically pleasing, 24-unit, three story apartment building of 15,579 square feet on a 10,800 square foot lot. The property boasts a tremendous unit mix of 18 studios of approximately 630 square feet, four 2bd/1bth units of approximately 700 square feet, and two 1bd/1bth of approximately 700 square feet. Each unit has been well maintained and, upon turnover, is always updated with new flooring, paint, and kitchen/bathroom amenities. The building is also separately metered for PG&E. The property has on-site parking for each unit, which is currently rented at over $125/mo. The next owner will be able to charge more for parking, storage, and could add additional means to generate more income. There is on site, coin operated laundry which also provides additional income to the Owner.

The property has undergone tremendous upgrades including a full seismic retrofit, new sewer lateral, and a brand new boiler. The property is also RECO complaint, and is the process of receiving a BESO deferral.

About The Pinza Group, Inc.
In 2016, The Pinza Group sold 62 apartment buildings in the East Bay, valued at over $150,000,000, and produced over $5MM in real estate commissions. This is triple any real estate brokerage focusing on apartment buildings. Year to date through June, The Pinza Group has sold 33 apartment buildings, and has 12 apartment buildings in escrow.

The Pinza Group, Inc was recently named as the 2014 & 2015 & 2016 Top Real Estate Sales Brokerage by CoStar, and is the only privately held investment real estate brokerage to receive the prestigious award in 2014 & 2015 & 2016. The Pinza Group is a full service investment real estate sales firm located in Walnut Creek, California. Founded in 2013, The Pinza Group is a leader in investment real estate sales with over 125 apartment sales in the last 24 months. The Pinza Group is an investment real estate brokerage built on a strong foundation of integrity, dedication, and experience which allows us to provide significant value to existing and future clients. Since The Pinza Group focuses exclusively on investment real estate, all of our efforts and resources are spent researching, brokering, and underwriting commercial properties in the East Bay. The Pinza Group has devoted significant resources to build an effective list of owners, investors, and brokers in the area which has allowed us to create an innovative marketing platform allowing us to deliver incredible value to both owners and investors. For more information on off market investments, an estimate of value, or for free real estate advice please visit: www.pinzagroup.com or info@pinzagroup.com.

West Coast Commercial Real Estate News